The operator of 77 bars trading under Revolution and Revolución de Cuba brands announced like-for-like sales for the 52 weeks to 29 June 2019 fell by 3.5%.
While its latest trading statement revealed like-for-likes dropped by 4% in the first half of 2019, Revolution Bars Group’s trading improved slightly in the second half of the year with like-for-likes down by 2.9% in the entire second half, and 1.8% in the final quarter.
What’s more, Revolution’s latest results revealed adjusted profit before tax fell by £5m year on year from £8m to £3m.
The company, which blamed periods of extreme weather and England’s unexpected football success for a £3.6m loss in its full-year results in 2018 did, however, reveal a 6.7% increase in overall sales to £151.4m.
It also confirmed five new sites have opened during the same period, despite a slump in profits leading to a temporary halt in its new site opening programme in March 2019, as reported by The Morning Advertiser.
However, despite the fall in like-for-like sales and adjusted profit, the group’s latest statement detailed the company was moving from a year of stabilisation into a year of consolidation.
According to its latest statement, like-for-like sales growth was achieved in five of the last seven weeks with like-for-like sales up by 0.7% in the first quarter of the current financial year.
What’s more, the group has seen a 15% year-on-year increase on pre-booked Christmas sales.
"A return to positive like-for-like sales in Q1 of the current year reflects the hard work by the team in stabilising the business,” Revolution Bars Group’s chief executive officer Rob Pitcher explained.
“We will invest in our team, our brand experience and our estate to continue to improve performance.
“Our progress demonstrates that our business is delighting our guests and is both profitable and cash generative.
“We will utilise surplus cash to reduce debt to such an extent whereby any return to expansion of the estate will be self-funding."
Revolution Bars Group also revealed that while six bars have already been refurbished in the first quarter of the page – including its flagship Revolución de Cuba site in Manchester – nine further refurbishment projects have been planned for the forthcoming year.