Luminar issues warning as shares fall
Luminar, the country’s largest nightclub operator, has issued an update on
trading after its shares fell by more than 12% during the day.
The company said that since it had announced its interim results on 22 October, trading levels continued to be difficult and were broadly in line with the trend reported at that time when outlet sales were down 14%.
The group warned that in order to meet market expectations it would need to see a significant improvement over recent sales trends for the remainder of the year, with Christmas and New Year trading days set to determine the final outcome for the year.
Luminar said that it was actively pursuing the sale of its investment in 3D Entertainment, but that the sale outcome was now expected to be significantly below the carrying value of £17.3m included in the group’s balance sheet at 27 August 2009.
It said that it continued to trade comfortably within its financial covenants, with its syndicated loan facility of £175m extending till August 2012.
The company will post an update on Christmas trading and an outlook for the full year on 14 January 2010.
Luminar’s shares were this afternoon trading between 48p and 45p.
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