Revolution Bars: Weathering through ‘external headwinds’
Revolution Bars has weathered through the year’s “external headwinds” to announce a £11.8m increase in total sales today, despite the hits taken by the cost-of-living crisis.
Following its Peach Pubs acquisition in October, it today announced its preliminary results for the year that ended 1 July with “significant opportunity” for more future expansion.
Rob Pitcher, chief executive, said: “Peach Pubs has seen continued strong trading since acquisition, especially during periods of good weather.”
Despite late night hospitality taking a hit from the cost-of-living crisis, total sales of £152.6m were recorded for the 2023 fiscal year, up £11.8m from £140.8m in 2022.
However, “external headwinds” have caused a difficult “backdrop” for the industry.
As a result, the Group said like-for-like sales were down 8.7 per cent.
Revolution Bars’ adjusted EBITDA for 2023 sits at £17m, down £2.4m from £19.4m the year before, with a 2023 operating loss of £15.2m compared to a £7.4m profit in 2022.
“The macroeconomic challenges facing the industry impact on both our guests’ available spending as well as profitability of the business,” Pitcher added. “This is a key area of focus for our management teams, and we are pleased to see the impact of our sales-driving initiatives coming to fruition, alongside active cost management.”