Shares of Greater Manchester-based Revolution Bars Group plc rose about 12% on Thursday after it published a first-quarter trading update showing recent sales growth of 17% when compared to the same period two years ago before the pandemic.
“Covid restrictions were fully relaxed in England from 19 July 2021, which was 2 weeks into our financial year ending 2 July 2022, with restrictions having been gradually reduced though not fully removed since then in the remaining Home Nations,” said Revolution Bars.
“In the period from 19 July 2021 to 2 October 2021 our sites have experienced strong demand delivering same site sales growth of 17% when compared to the same period 2 years ago, when the business traded normally pre Covid.
“Our 56 English sites, which had no restrictions over this period, traded at 21% higher when compared to 2 years ago.
“In line with the previously communicated plans we have re-commenced our refurbishment programme.
“This strong trading performance was well ahead of the company’s expectations for this period, and costs have continued to be well controlled resulting in good profit generation from these sales. This robust performance reflects the strength and relevance of our customer offering.
“Whilst confident in the outlook for the business in the current trading environment, the board remains cautious of the potential impact of an escalation of Covid-19 and any associated restrictions on the business in the upcoming key trading months, including corporate Christmas parties.
“The group’s balance sheet remains strong, with net cash of £3.7m and £36.5m facility headroom as at 6 October 2021.”
Revolution Bars Group CEO Rob Pitcher said: “We spent the lockdown periods working extremely hard to refine and enhance our brand propositions with a key focus on heightening guest experience.
“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.”