Shares of Greater Manchester-based Revolution Bars Group plc fell as much as 15% after it published results for the 26 weeks ended December 31, 2022, showing revenue 2.6% higher at £76 million and a loss before tax of £100,00 compared to a profit of £4.3 million in the prior year period.

Revolution Bars said the loss “reflects the significant impact of high inflationary costs as a result of the cost-of-living impact.”

On current trading, the company said: “Transport strikes have continued into 2023, albeit with less impact due to the normal lower trade seen in January and February.

“The group saw LFL sales in the second half of FY23 of (6.8)% to date, an improvement of +2.6%pts on the first half of the year.

“The group continues to navigate the macroeconomic factors impacting on the industry, particularly city centre and late-night trade.” 

Revolution Bars Group CEO Rob Pitcher said: “We have faced well documented macroeconomic challenges which impacted profitability in the half year.

“The team have done everything they can to mitigate the cost headwinds and other factors outside of our control, and I am immensely proud of our people for delivering an amazing Christmas to our corporate guests, delivering an all-time record of pre-booked sales for the Group.

“Walk-in custom was hampered by industrial action, reduced consumer confidence and the hot summer, and we look forward to increased guest confidence in the coming months as energy prices continue to fall from their previous peak and inflation abates.

“We were delighted to announce the acquisition of Peach Pubs in October 2022 which has diversified our offering and guest base.

“We have continued to see pleasing performance, delivering excellent Christmas trading. We continue to develop synergies between the businesses, and identify new and exciting opportunities.

“Management continues their focus on navigating the current macroeconomic situation, developing our business, and putting in place further building blocks for future growth.

“The board remains confident that the business is on track to achieve market expectations for FY23, and we anticipate some sales recovery in 2024.”