Luminar shares up after trading statement

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Related tags: Late night operator, Night operator luminar, Chicago rock café, Luminar leisure

Shares in late night operator Luminar rose 9.5p this morning after the group announced better-than-expected trading.Analysts had been expecting the...

Shares in late night operator Luminar rose 9.5p this morning after the group announced better-than-expected trading.

Analysts had been expecting the worst for Luminar, which runs high street and dance outlets such as Chicago Rock Cafe (pictured)​, Jumpin' Jaks and Oceana.

However, in a brief pre-close statement for the six months to August 31 the group said that while the market remained challenging, it remained cautiously optimistic for the future.

Luminar said the rebranding of seven units had been completed in the first half and that the rebranding programme was on track to meet its target.

Like-for-likes in those outlets it plans to retain were understood to be flat, while those in sites earmarked for disposal are believed to be negative.

Net debt continued to improve, the group said, and was down by £32.9m compared with the same time last year, to £140.4m.

Analysts noted the lack of a profits warning would help the group's shares, although there was still the potential for business overall deteriorating, with the new licensing regime and smoking bans adding to the group's woes.

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