Annual results 2023

52 weeks ended 1 July 2023

,

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contents

  • Headlines
  • Financial Review
  • Strategy Update
  • Summary

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2

headlines

Delivered our FY23 Adjusted EBITDA forecast from January 2023 and a well invested diversified estate with a supportive bank means we are ready to capitalise as trading conditions improve

  • Peach Pubs acquisition has delivered diversification of sales and guests
  • Bars business has been particularly impacted by the cost-of-living crisis
  • Revolución de Cuba outperforming the bars market, Revolution benefiting from student return and Founders & Co. bar trading strongly
  • Taken positive action across our bar brands and guest metrics are stronger than ever
  • Inflation including utility prices look to have peaked, consumer confidence is rising but resolution of industrial rail action, prior to the festive period, is vital for the sector
  • Our bookings for Christmas 2023 are at record levels, up +17.7% versus this time last year

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3

Financial review

cfo - Danielle Davies

©Revolution Bars Group | Strictly Private & Confidential

FY23 - income statement

Adjusted** EBITDA profit of £6.6m (IAS 17)

Summary Income Statement

IFRS 16*

IAS 17

FY23

FY22

FY19

FY23

FY22

FY19

£m

£m

£m

£m

£m

£m

Bars & Pubs at end of period

89

69

79

89

69

79

Sales

152.6

140.8

151.4

152.6

140.8

151.4

Gross profit

117.1

110.1

114.8

117.1

110.1

114.8

Gross profit %

76.7%

78.2%

75.8%

76.7%

78.2%

75.8%

Adjusted** EBITDA

17.0

19.4

11.1

6.6

10.2

11.1

Adjusted** EBITDA %

11.1%

13.8%

7.3%

4.3%

7.2%

7.3%

Adjusted** (LBT)/PBT

(2.1)

3.1

3.0

(1.5)

4.5

3.0

Adjusted** (LBT)/PBT %

(1.4%)

2.2%

2.0%

(1.0%)

3.2%

2.0%

Adjusted** EPS/(LPS)

0.7p

1.3p

3.4p

(0.3p)

1.9p

3.4p

FY23 Group

FY23 Pubs LFL

Christmas

LFL ***

Sales post-

Corporate LFL

LFL Sales

Sales KPIs

acquisition

Sales

(8.7%)

+14.1%

+10.3%

  • Sales of £152.6m were +£11.8m (+8.4%) higher than FY22
    • Peach Pubs contributed £22.6m of sales post-acquisition. Group sales to increase once annualised
    • However, underlying LFL sales were challenged as FY22 benefited from pent-up demand and VAT rate cut but FY23 saw the impacts of the cost-of-living crisis, industrial action and hot weather (prior to Peach acquisition)
    • Christmas in FY23 improved by £3.5m compared to FY22 with record pre-booked sales achieved but train strikes had a significant impact on walk-in trade
  • Margin reduced slightly in FY23 as cost-of-living impacted late night trading and higher food mix (lower margin) from Peach acquisition
  • Adjusted** EBITDA (IAS 17) profit of £6.6m reflecting impact of challenging macroeconomic environment
  • IFRS 16 Operating loss of £(15.2m) includes non-cash exceptional items of £18.6m and cash exceptionals of £1.6m, which are detailed further in Appendix 5

* The Group adopted IFRS 16 in FY20 which changes the accounting treatment of leases

** Adjusted measures exclude exceptional items, share-based charges/(credits) and bar opening costs - see Appendix 4-5

*** Like-for-like (LFL) sales are same site sales defined as sales at only those venues that traded in the same week in both the current year and most recent non-COVID-19 affected comparative period

5

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Revolution Bars Group plc published this content on 17 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2023 07:18:04 UTC.