Revolution Bars swings to interim profit

Revolution Bars said on Tuesday that it swung to an interim profit as sales picked up after Covid restrictions were lifted.

In the 26 weeks to 1 January, the group swung to a pre-tax profit of £4.3m from a loss of £17.7m in the same period a year ago, with revenues up 243% to £74.1m, as it returned to "more normal" trading.

Revolution noted that after the first two weeks of FY22, it was allowed to return to unrestricted trading and saw significantly increased levels of trade. This is in comparison to FY21, when it was "severely" impacted by ongoing Covid lockdowns, tiers and social distancing restrictions.

Chief executive Rob Pitcher said: "We are hugely encouraged by the performance in FY22 H1 and are excited about the future as we all now ‘learn to live’ with Covid-19. We are emerging strongly following a period of severe disruption and now believe that, assuming no further variants, we can look forward to a sustained period of growth.

"Demonstrating our renewed confidence, we have signed our first new lease since 2018, have a pipeline of opportunities, and several amazing refurbishments taking place. There's never been a more exciting time for the group."

At 1020 GMT, the shares were up 6.9% at 21.38p.