Revolution Bars Group said today that the recent terrorist attacks in Manchester and London impacted business in the final part of its trading year.
The group, which operates 68 sites across the UK, said that business was particularly affected at bars in the north west, including five in Manchester, around the time of the attacks.
Like-for-like sales grew 1.7 per cent during the first 44 weeks of the year, but dropped 2.3 per cent in the following five weeks, mainly due to the effect of the Manchester attack on Manchester and Liverpool sites. But sales rose 3.7 per cent in the final three weeks of the year, putting overall sales growth at 1.5 per cent for the whole period.
Total sales for the year came to £130.4m, an increase of 9.2 per cent.
Final results are set to be announced in October, taking into account possible one-off costs from a review of accounting practices, which the group says will be limited to £1m.
Shares were trading up almost six per cent this morning, as investors expected final earnings per share to come in ahead of forecasts.
Analysts at Peel Hunt upgraded their rating on Revolution from "add" to "buy", though anticipated flat earnings before interest, taxation, depreciation and amortisation of £15.6m for the full year due to increased labour costs.