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Luminar looks to recovery
Nightclub operator, Luminar, has said that it expects a steady recovery in the second half of its financial year after reporting mixed first half results.
Announcing the results at its annual general meeting, the group, which operates the Chicago Rock Café and Jumpin’ Jaks chains, said general conditions in the late-night market had become more volatile during June, with a steep drop in sales at the start of the month.
However, trading in the three months to the end of May was ‘broadly in line with expectations’ according to chair, Keith Hamill.
The group expects there to be an improvement in July and August and that a steady recovery in trading will take place through the second half of the financial year to February 2005.
Overall, turnover was up 2 per cent to £400m from £392m in 2003, while earnings before tax and exceptionals was £111m.
Profit before goodwill amortisation and tax was £62m, down from £67m in 2003, while loss before taxation was £11m after an exceptional item of £60m relating to impairment and goodwill amortisation of £13m.
Hamill said: “The company is now starting to come through what has been a difficult period. Our management team have stabilised and reorganised the business and developed a clear and appropriate strategy for building value and reducing volatility.
“Luminar has outperformed its competition, produced a strong cash performance and delivered results in line with expectations.”
Earlier this week, Luminar launched its Social Responsibilty Charter, calling on the government to introduce new regulations to tackle binge drinking and alcohol abuse in the UK, which included setting a 'basement' alcohol price to prevent heavy discounts. Details: www.luminar.co.uk