Luminar down after half-year results

Analysts have revised down full-year expectations following half-year results from late-night operator Luminar where the company said that it would look for a strong Christmas to hit targets.

House broker WestLB revised profit forecasts down from £79m to £74m. "All we are saying is that, like any other Christmas or key retailing period, we would expect to see a strong performance," said chief executive Steve Thomas (pictured)​.

In an upbeat trading statement, the company unveiled half-year profits up 14 per cent to £33.7m on sales, also up 14 per cent, to £190m.

The group said that it had seen improved trading of late, following particularly weak trading in September.

"The business is still there but I think people need to remember that the sector is not immune to any weak economic conditions," said Mr Thomas.

"I have no doubt that Luminar will benefit from the opportunities that may emerge should there be a prolonged weaker trading environment."

The company opened 19 new units in the first half.

Mr Thomas had so far indicated that he wanted no more than 50 feeder bars in the 300-strong estate.

"At the end of the day I believe there is a big market for bars but we have always wanted to wait and see what happened with licensing reform," he said.

"But if these bars, as a consequence of reform, have their capacity numbers limited after a certain hour, we will not really look to increase our exposure."

The shares fell about six per cent.