Revolution Bars (RBG)

Revolution Bars RBG Logo

A leading operator of 72 premium bars across the UK under the Revolution and Revolucion de Cuba brands.

22-Jan-2018 – 168p – £84.0m – PER 10.8

Trading Update For The 26 Weeks To 30-Dec-2017 – Revenue for the period up 10.6% (£73.7m), Christmas period LFL up 5.9%. And, here’s a bit of honesty – “Directors believe that the 27 weeks to 6 January 2018 provides a better benchmark for underlying performance.  LFL sales during the 27 weeks to 6 January 2018 were up 1.9%”. Expects FY to be in-line.

I hold here and continue to do so. Fundamentals seem fine to me and of course there’s still that prospect of a bid North of 200p.

2-Mar-2018 – 170p – £85.0m – PER 10.4

Interim Results For The 6 Months To 30 December 2017 – Revenue up 1.9% LFL (if you include New Years Eve) with Adjusted Operating Profit £6.0m (FY17 Restated*: £6.0m) and Adjusted EPS 9.4p (FY17 Restated*: 10.0p).

Not exactly inspiring but I continue to hold (more on takeover hopes than anything else).

2-Oct-2018 – 125p – £63.5m – PER 8.64

Interim Results For The 12 Months To End June 2018 – LFL Revenue down -0.6%, Operating Loss of £3.0m, the Final Dividend is maintained at 3.3p and pre-booked Christmas sales are up 20.3% (woo hoo!).

A strange set of results and some of the commentary is strange too, for example “H2 impacted by … the FIFA World Cup” – At least it seems like Christmas will not impact further! Why hold a stock when the main reason is the hope of a potential bid? Still guilty of the occasional school-boy error I continue to hold, just!

14-Jan-2019 – 122p – £61m – PER 9.1

Trading Update For The 26 Weeks To 29th December 2018 – Revenue up 6.4% (LFL -4%), the festive season was up 2.6%. Caution regarding economic and political outlook.

Still guilty of holding here on potential take-over talks – Close to the Sell button!

1-Mar-2019 – 79.5p – £40m – PER 12.7

Interim Results For The 26 Weeks To The 29th December 2018 – Lots or words here but basics are LFL Revenue is down -4%, Operating Loss of £3.1m (£3.7m Profit last time – Exceptional costs of £5.2m blamed) and the Interim Dividend is suspended. Slow start to H2 means Adjusted EBITDA of £11m – £12m (no idea what it should be but assume higher than this). Focusing on refurbishments not new openings.

Yes, I am still guilty of holding here on potential take-over talks – I remain close to the Sell button albeit way too late! Lesson learnt, again, hopefully the last time ever – Never continue to hold a share purely based on the potential for a take-over.

Subsequent note: Take-over is most likely imminent as I finally bit the bullet and sold out here in June.

1-Oct-2019 – 70p – £35m – PER 14

Results For The 52 Weeks To 29th June 2019 – FY in-line. £1.5m cost savings kicking in FY20, plan on schedule, Christmas bookings up 15%.

An ex-holding that I am still not tempted back into even though they now seem to be heading in the right direction.

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