Revolution Bars Group PLC (AIM:RBG) said its reopened sites have experienced strong demand, ahead of management’s expectations, in the second half of 2021.
The bars group, which owns the Revolution and Revolucion de Cuba brands, said In the period from 19 July to 2 October 2021 its sites have experienced sales growth of 17% when compared to the same period two years ago (i.e. pre-pandemic).
Its 56 sites in England, which had no restrictions over this period, traded at 21% higher when compared to two years ago.
While the board is confident in the outlook for the business in the current trading environment, it remains cautious of the potential impact of an escalation of Coronavirus (COVID-19) and any associated restrictions on the business in the upcoming key trading months, including corporate Christmas parties.
The group’s cash position is positive at £3.7mln while it has £36.5mln of headroom on its lending facility.
"We spent the lockdown periods working extremely hard to refine and enhance our brand propositions with a key focus on heightening [the] guest experience," said the appropriately named chief executive of Revolution Bars, Rob Pitcher.
"As a result, it is extremely encouraging to see we have capitalised on the pent up demand we predicted, which has been reflected in excellent trading so far this year. We are therefore confident in the group's outlook assuming that there are no further restrictions on our ability to trade," he added.
The share price of Revolution Bars was up 4.9% at 23.6p in mid-morning trading.