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Wed 21st May 2014 - Breaking News - UK’s largest nightclub firm reports profit jump
UK’s largest nightclub firm reports profit jump: Luminar Group, the UK’s largest nightclub company, has reported a jump in profits for the 52 weeks until 22 February 2014. The company, which employs 2,000 people and operates 53 nightclubs nationwide, delivered a profit before tax of £3,401,000 (2013: £1,326,000) and Ebitda of £9,719,000 (2013: £6,479,000 post non-recurring costs). Turnover was £88,263,000 compared to £89,851,000 the year before. Profitablity was aided by a circa £2.5m reduction in administrative expenses. The company has no bank debt. Luminar’s chief executive Peter Marks said: “The strategy we adopted on acquisition continues to deliver and we are pleased with the consistent progress we are making. Luminar’s trading position continues to improve, as the effects of investment in our estate and our people together with a robust focus on cost control, improves profitability.” This improved performance and industry reputation was recently recognised by the Publican Awards when The Luminar Group was voted Best Late Night Operator in the UK, together with being highly commended for Best Business Initiative for its UKCN App. During the period, Luminar has continued with its investment programme, which aims to reduce the average age of the estate since refurbishment to three years. By the end of Financial Year 2014, over a quarter of the estate had received a major refurbishment with a further £0.9m spent on minor refurbishments and equipment upgrades. The company invested £5.3m with key projects including the launch of Pryzm Bristol and Pryzm Kingston, creating new, multi-room clubbing experiences. Clubs in Bournemouth, Lincoln, Preston, Cambridge and Romford were also invested in and the company made two tactical acquisitions in Chelmsford and Dundee. Marks added: “When we acquired the business, one of our key priorities was to refurbish the estate which had been under-invested for many years. Our investment programme is now starting to deliver results and we’re proud of the high quality nightclubs we now operate. In particular, Pryzm is at the cutting edge of UK clubs with the latest in sound technology together with luxury interiors and VIP pre-bookable booths attracting top name DJs including Duke Dumont and Zane Lowe.” The company recently invested in the further rollout of its award winning UKCN X-press Drinks app which allows customers to order and pay for drinks from their smartphone and have them delivered direct to their table, removing the need to queue at the bar. Additional developments include the replacement of back office PCs in clubs, the launch of an engaging employee intranet to improve communication across the estate and completion of the Dashboard Project to streamline results reporting. As the UK’s largest nightclub operator, Luminar said it “is committed to responsible retailing and actively participates in a number of industry schemes including Pub Watch, Best Bar None, Purple Flag and Safer Socialising”. Its clubs have won a number of awards for their commitment to customer safety and responsible retailing. Current trading to date in Financial Year 2015 remains in line with expectations, with the refurbishment programme delivering returns on investment of over 40%. The late night sector remains exciting with significant upside for strong operators with the company remaining well-placed to make continued progress this year, the company stated. Marks added: “Luminar continues to show positive growth and performance, with a clear strategy in place to retain our position as the best nightclub operator in the UK. A passion for innovation together with a commitment to customer service, are key elements of our plan to remain at the forefront of the industry.”
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