Eclectic Clubs & Bars, the Avanti Capital-backed late night operator, has reported a 6% growth in revenue for the second half of 2010 despite a fall in earnings and profits due to site closures for refurbishments.
Like-for-like sales for the period were up from £6.8m to £7.2m. But like-for-like site ebitda was slightly down, from £1.9m to £1.8m, and company editda also reduced from £1.1m to £1m.
Avanti, which has a 60% stake in Eclectic, said: "Sales together with ebitda have seen some reductions over the prior period as a result of the ongoing programme of site closures during the period for refits. Profit before tax for the six month period ended 31 December 2010 was £0.2m (2009: £0.3m).
"Trading over the last six months and over New Year was once again strong and management are optimistic about the outcome for the second six months continuing the trend seen in the first half.
"The strong performance of the new opening and refit programmes demonstrates the management team's ability to continue to develop and grow the Eclectic group."
Avanti said it "continues to search for suitable sites to further roll out the Sakura and Lola Lo brands" for Eclectic.
The company is set to open its latest site as a LoLa Lo in Cambridge this summer; Eclectic bought the site as Soul Tree in December.