Shares surge as Revolution predicts stronger-than-expected end to the year

Outside hospitality in England was allowed to resume on 12 April, and since then a total of 25 Revolution bars have reopened.

Revolution said the weather had been unseasonably cold, and restrictions – shorter opening hours included – meant covers available represented just 15% of total capacity of the reopened venues.

But despite that, the outlets delivered 48% of the sales in the four weeks to 9 May when compared to the same period in 2019.

The Aim-listed group said that the strong trading, along with pent-up demand, tight cost-control and better-than-anticipated support from third parties, meant it now expected the performance for the year ending 30 June to be “ahead of management expectations”.

By noon GMT, shares in Revolution had put on 15% at 36.8p.

Rob Pitcher, chief executive, said: “As predicted, we have seen huge pent-up demand and a rapid recovery across the nation in the bars with outside space that we have been able to open.

“The ability to trade inside from 17 May provides another landmark in the roadmap and while we will still be restricted to using less than 50% of our actual capacity, the demand we have experienced in recent weeks provides us with the confidence to open all the remaining bars.”

In October, Revolution announced plans to close six bars and enter into a company voluntary agreement, after it was rocked by the 10pm curfew and other lockdown restrictions.