Manchester-based Revolution Bars Group said on Tuesday its sales rose 6.7% to £151.4 million in the 52 weeks ended June 29, 2019.
Adjusted profit before tax fell to £3 million from £8 million the year before with the firm saying it is “moving from a year of stabilisation into a year of consolidation” and to strategy of “investing in the existing estate and reducing bank borrowings.”
The firm operates 77 bars trading under the Revolution and Revolución de Cuba brands.
Revolution Bars Group CEO Rob Pitcher said: “A return to positive like-for-like sales in Q1 of the current year reflects the hard work by the team in stabilising the business.
“We will invest in our team, our brand experience and our estate to continue to improve performance.
“Our progress demonstrates that our business is delighting our guests, and is both profitable and cash generative.
“We will utilise surplus cash to reduce debt to such an extent whereby any return to expansion of the estate will be self-funding.”