Shares in Revel Collective Plc (LSE:TRC), the former Revolution Bars Group, were down 18% in the first hour of trading after it gave a rather dour assessment of current trading.
It said its performance had been impacted by its restructuring plan and a" particularly wet summer".
"More recently, the return of students and positive early bookings for the festive trading period means the group are pleased to begin seeing improved performance," it said in commentary alongside full-year results.
Revel posted EBITDA of £13.4 million for the 52 weeks ended June 29, which translated to a loss before tax of £36.7 million. Its bank debt stands at £12.4 million.
In early trading, the stock was off 0.16p at 0.71p, valuing the business at just under £13 million.