- This story is from MC Allegra FS. To subscribe click here.
Revenue of £59.2m was up 2.2% on the same period last year and EBITDA up 3.9% to £7.9m.
Like-for-like sales for the eight weeks to 20 February rose by 2.7%.
The group said operating profit margin in H1 improved by 40 bps and profit before tax was up from £4.3m to £4.7m.
The company opened three new Revolución de Cuba bars during the period - in Milton Keynes, Leeds and Nottingham. At the end of the financial period it had a 60 strong estate, made up of 52 Revolution and 8 de Cuba bars
Two new sites are planned for the second half of the year to 30 June - a Revolution bar in Stafford and a de Cuba bar in Liverpool.
Chief executive Mark McQuater said: “I am delighted to be reporting on another good set of results for the Group, the highlights of which were continued like-for-like sales growth, improved profit margins and, perhaps most notably, the opening of three new Revolución de Cuba bars.
“Our strategy continues to focus on:
- providing our customers with an exceptional and premium drinks and food experience;
- continued profit improvement from existing sites; and
- estate expansion through organic growth of both brands.”
On investment in the existing estate, McQuater said: ”As we have previously said, the Board believes that there is more profit to achieve within the existing estate, as these results demonstrate. Along with the profit increases, profit conversion also rose, with operating profit margins gaining 40bps (including the non-recurring pre-opening costs). We are well-placed to continue to benefit from operational gearing as we grow the estate.
“We have a highly-invested estate and we continue to invest both to support existing estate financial performance and in new opportunities. At our Revolution bar in Huddersfield, we undertook an ambitious expansion project, investing over £0.3m and involving significant structural work, to add a covered, year-round, retractable rooftop terrace with a dedicated bar. This has already performed well and we are confident that we will see even better returns in the spring and summer. We are reviewing the estate for further opportunities to enhance and extend our trading spaces.”