In the year ended 28 June 2025, revenue for the year was down 27.6% to £117.1m (FY24: £149.5m), albeit from a smaller restructured estate.
The operator of Revolution, Revolución de Cuba and Peach Pubs said the first half of the financial year saw a slower than expected recovery, due to fragile consumer sentiment and market challenges.
While the second half of the financial year started slowly, it has subsequently benefited from internal initiatives, including the new brand proposition for Revolution, which it said was resonating well with guests.
Lower end
The board expects to be at the lower end of its earnings before interest, taxation, depreciation and amortisation (EBITDA) forecast range of £2m to £4m.
Net debt closed at £22.1m (FY24: £24.4m) and remains a critical focus to keep discretionary spend and capital investment under tight control, which may limit site conversion opportunities in the short term.
The Revel Collective CEO Rob Pitcher said: “Guests in our bars continue to face cost challenges and the late-night sector remains challenging for many participants.
Small improvements
“Although the macro environment remains tough, I am pleased that the initiatives and steps taken during the early part of FY25 are starting to generate small improvements for the group.
“While it is still early days, we are also encouraged to see some evidence of additional spending from the key demographics positively impacted in the national minimum wage changes that became effective in April 2025.
“Cash and debt management remain a critical focus for the group but we are looking forward into FY26 with a degree of optimism.”
In the group’s first half of its current financial year, the business – which was formerly Revolution Bars Group – cited challenging conditions in the late-night market for a fall in total sales versus the same period in the year before.
