Luminar claims it is "progressing well

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Luminar has reported a "satisfactory" performance for the first half of the year, with the company claiming its branded destination business is...

Luminar has reported a "satisfactory" performance for the first half of the year, with the company claiming its branded destination business is progressing well.

Like-for-like sales were up 4.1 per cent for the period ended August 31 2007, with the group's branded dancing division 13.4 per cent ahead. But the company said gross margins had been hit by tactical promotions carried out during July and August.

Luminar, which operates brands including Liquid, Life and Oceana, is to focus on core strategy for the second half, with the board saying it is "optimistic" for the outlook for the year as a whole.

In a statement, Luminar added: "As part of the company's commitment to return cash to shareholders, the company has acquired 1,815,422 shares for cancellation representing £13.3m in cash and over 2 per cent of the issued share capital. This was carried out predominantly between May and July 2007.

"The Scheme of Arrangement, to enable a further return of capital to shareholders is progressing to plan and is expected to be effective in October 2007."

The company will report its interim results for the period ended 31st August 2007 on 30th October 2007.

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