Revolution Bars shares up amid reopening hopes

Shares of Greater Manchester-based Revolution Bars Group plc rose about 5% on Tuesday after it published results for the 26 weeks ended December 26, 2020, and outlined its plans to reopen in line with the UK Government “roadmap.”

Sales for the 26-week period were £21.6 million, 73.4% lower than the corresponding period in the prior year.

However, the firm said it is “excited and ready” to bounce back “in line with guidance issued.”

Revolution Bars said: “The group estate remained closed until 12 April 2021 when outdoor hospitality in England could restart, and the group traded from 20 bars, with the remainder having little or no outside space.

“Management continue to monitor guidance from the devolved Governments and plan to reopen in line with guidance issued.

“Management were pleased with the response to the announcement of the roadmap, resulting in 11,969 guests booking in with us in the first week following the roadmap announcement.”

Revolution Bars CEO Rob Pitcher said: “Prior to the pandemic the business was outperforming our peer group.

“This year has provided us with the opportunity to advance the business across multiple areas which will allow us to maximise our future performance and capitalise on growth opportunities as we move towards more normalised conditions. 

With the vaccination programme running ahead of the government’s expectation and all the Covid-19 related health data exceeding even the most optimistic of forecasts, I look forward to all restrictions on personal freedoms falling away on the 21st of June and urge the Prime Minister to follow the data, not dates, and bring our ‘national day of freedom’ forward in line with the vastly better outcomes that have been achieved.

We are excited and ready to bounce back and as we move on from the pandemic, I look forward to our brilliant teams being able to create amazing memories for our guests as we open our bars and all come back together to celebrate life and each other.”