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Rum bars help Revolution to revenue growth

Tuesday, October 4, 2016 1:09
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Rum joints helped Revolution Bars Group Plc (LON:RBG) increase revenues by 6.9% in the twelve months to June 30, with the group’s expanding Revolucion de Cuba chain increases to nine bars from five during the year.

Revolucion de Cuba accounted for four of the five new bars opened by the group, and all are said to be performing well.

The financial results mark the group’s first full year as a listed company.

Revenue totalled £119.5mln for the year, compared to £11.8mln in the year before. Earnings  (adjusted EBITDA) rose by £1mln to £15.6mln, pre-tax profit had grown to $7.1mln compared to £2.9mln.

It reported earnings per share of 12.1p, up from 4.6p last year, and the group announced a final dividend of 3.3p per share, taking total dividend for the year to 4.8p.

“The group is benefitting from its growth in scale and the establishment of its second brand Revolucion de Cuba brand which expanded from five to nine branches,” said Mark McQuater, chief executive.

“Reflecting our confidence in our strong operating model and overall debt free balance sheet we will open another 5 bars in our current year building on the success in 2015.”

McQuater added that three new Revolucion de Cuba bars are expected to open before Christmas – in Harrogate, Reading and Aberdeen.

He also highlighted that the current financial year has begun well, and described like-for-like sales growth of 1.8% as robust.

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