Revolution Bars Group PLC (AIM:RBG) said earnings for the year will top expectations due to the continued strong performance across the group and a bumper jubilee bank holiday.
The owner of the Revolution and Revolucion de Cuba brands added although the group is not immune to "inflationary headwinds", it plans to complete another 18 refurbishments in next financial year.
In a trading update today, Revolution said said it is confident of delivering adjusted EBITDA slightly ahead of the top end of market expectations, which currently stands at £10.0mln.
At its interim results in March, the company said it could deliver ahead of adjusted EBITDA between £8-10mln.
During fiscal 2022, the AIM-listed company said it completed 16 refurbishments, 14 in Revolution bars, and two in Revolucion de Cuba bars, and expects to finish three more this fiscal year to reach its planned 19 refurbishments.
The firm has agreed terms on two new leasehold bars in Exeter and Preston, which are the firm's first new leasehold venues since 2018. Both bars will trade under the Revolution brand and are expected to open in June 2022.
Another six bars are expected to open in fiscal 2023.
"Revolution Bars Group is in great shape and it's great to be back doing what we do brilliantly. The business is well funded and the investment we have made in our refurbishment programme is delivering positive results," said Rob Pitcher, chief executive.