Revolution operator issues profit warning

From The Publican

Start a new thread17-Nov-2003

Related topics: Company & City News

Inventive Leisure, the operator of the Revolution chain of vodka bars, has issued a profit warning to the stock market.

 

The company said an expected recovery in trading had not materialised and that this year's figures will be "significantly behind current market expectations".

 

Reporting results last month, Inventive said like-for-like sales for the first 13 weeks of the new financial year were down 8.5 per cent.

 

The company, set up by Roy Ellis and Neil Macleod, said this was because of an exceptionally hot summer and that it expected trading to pick up as the weather cooled and students returned to universities.

 

However, this anticipated uplift has not materialised.

 

The company plans to focus on problem sites, implement a number of cost-saving measures and introduce innitiatives to bolster sales across the Revolution estate.

"Revolution is a successful and differentiated product that has broad appeal," said Mr Ellis, chief executive. "We have a very committed and talented management team dedicated to the success of the company.

 

"Our balance sheet is strong and we continue to be highly cash generative. I am confident that we are making the correct decisions for the future of the company and that, as market conditions improve, we will be strongly placed to extract maximum benefit."

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