Luminar restructuring "progressing well

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Related tags: Late night operator, Night operator luminar, Share, Finance

Late night operator Luminar told investors today it was "progressing well" in its restructuring of the business."The focus on the execution of...

Late night operator Luminar told investors today it was "progressing well" in its restructuring of the business.

"The focus on the execution of operational and financial key performance indicators continues to drive targeted returns and profitability," the group told shareholders at its annual general meeting held this morning.

Like-for-like sales for the 19 weeks to July 12 2007 were up 12.9 per cent for branded dancing and a "strong sales performance" has continued into the current week ended 19 July 2007.

The group said that despite the promotional investments made, gross margins have remained solid during the period.

"Whilst it is too early to discern any real trends, the Board is pleased to report minimal impact on sales and profitability from the smoking ban which was introduced in England on July 1 2007," the group added.

Luminar said its 2007/08 development programme was on track, with three new branded openings and three refurbishments since the year end.

Also since the year end, the Group has acquired one unit, disposed one unit and surrendered one unit back to the landlord. This brings the portfolio to 117 units excluding units in development and sub-let units.

The share buy-back programme has continued with 1.34m shares being purchased, bringing the total amount returned to shareholders via this programme to £33m.

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