Revolution Bars Group Expects Stable Ebitda for Fiscal 2023

Revolution Bars Group, the renowned UK bar and restaurant operator, announced that it anticipates its Ebitda for fiscal 2023 to align with the market's expectations of £6.6 million ($8.5 million). Despite this positive forecast, the company expects the business landscape to continue posing challenges throughout fiscal 2024.

Sales Performance and Challenges Faced

During the year ended July 2, the overall group's like-for-like sales were 8.7% below pre-pandemic levels. The company attributes this decline in sales to the ongoing difficulty faced by their late-night bars. Particularly, younger guests have been grappling with financial constraints amidst the current challenging economic environment.

Promising Signs for Christmas Party Bookings

Despite the hurdles faced, Revolution Bars Group found a glimmer of hope in its Christmas party pre-booked revenue. Compared to the same period last year, there has been a notable increase of 25%. This surge indicates that corporate guests are eagerly looking forward to embracing the festive season by celebrating with the company.

Cost Control Measures and Net Debt Reduction

Chief Executive Rob Pitcher acknowledged the arduous nature of fiscal 2023. Nevertheless, he praised the company's efforts in cost control and limited capital expenditure during the latter part of the year. These prudent actions have led to a reduction in net debt.