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Morning Briefing for pub, restaurant and food wervice operators

Tue 1st Mar 2016 - Results: Revolution, Just Eat, Greggs
Revolution reports like-for-likes up 2.7% in First Half: Revolution Bars Group has reported like-for-likes up 2.7% in the six months ended 31 December 2015. Revenue was £59.2m (FY15: £58.0m), an increase of 2.2%. Ebitda was £7.9m (FY15: £7.6m). Profit before tax was £4.7m (FY15: £4.3m). Its estate grew to 60 sites with 52 Revolution and eight Revolución de Cuba bars. Two new sites are planned for the second half of the year to 30 June 2016. Chairman Keith Edelman said: “This is another strong set of results for Revolution Bars Group, underpinned by strong like-for-like sales growth and improved profit margins. Particularly pleasing was the opening of three new Revolución de Cuba bars, all of which have performed well in early trading. With two more bars scheduled for opening in the second half, we are confident of meeting our strategic growth targets. The Group’s strategy is to provide high quality leisure retail brands in the bar and food sector. We will continue to grow the estate under our two brands, Revolution and Revolución de Cuba, and, having opened three new Revolución de Cuba bars in the period, we now operate from 60 premium bars nationwide. We have expanded the Revolución de Cuba estate from five to eight units in the last six months and believe there remains significant scope for further expansion. This brand is well-positioned and will continue to be the focus for our growth in the short term. We will also expand our Revolution estate and we will be opening a new Revolution bar before the summer. In the last six months, we have continued on the journey that we started at IPO in March 2015 and on which we reported last October. Turnover growth, positive like-for-like sales and improved profit conversion were all pleasing to note and reflect, in my view, the underlying appeal of the brands to its target customers. It was also particularly pleasing to open three new bars in Milton Keynes, Leeds and Nottingham. These sites were opened between October and December 2015 and are trading ahead of our pre-investment expectations. With their non-recurring opening costs absorbed within the reported results, we look forward to positive trading contributions from these sites and others in the second half. As previously stated, the Board is adopting a progressive dividend policy which reflects the cash flow generation and the long-term earnings potential of the Group whilst retaining sufficient capital to fund investment to grow the business. In line with this policy, the Board has approved an interim dividend and the Company proposes to pay its first interim dividend of 1.5 pence per share in respect of the six months to 31 December 2015. This will be paid on 8 April 2016 to shareholders on the register on 11 March 2016. Recent trading over January and February has been positive. Like-for-like sales for the eight weeks to 20 February rose by 2.7%. This, taken together with improved profit conversion and the impact of new sites, gives us the platform to be confident about our prospects for the future.”

Just Eat reports sales up 58% to £247.6m: Just Eat, the digital marketplace for takeaway food delivery, has reported sales up 58% to £247.6 million and Underlying Ebitda up 83% to £59.7 million in the year to 31 December 2015. Orders were up 57% to 96.2 million (2014: 61.2 million) and revenues up 58% to £247.6 million (2014: £157.0 million). Underlying Ebitda was up 83% to £59.7 million (2014: £32.6 million). The group processed orders worth £1.7 billion for our restaurant partners and active users were up 65% to 13.4 million (2014: 8.1 million). Group orders placed via mobile devices increased to 66% of orders (2014: 53%). The company said it achieved market leadership in Italy and acquired market leaders in Australia and New Zealand and Mexico. Chief executive David Buttress, said: “Our ability to increase and manage choice for consumers, while supporting restaurants with technology and marketing that creates value, resulted in continued strong global growth in our business in 2015. Revenues were up 58% to £247.6 million, with Underlying Ebitda up 83% to £59.7 million. We are now market-leader in 12 out of 13 territories. Our business is becoming increasingly global, with our international business now larger and growing even quicker than our UK business was at the time of IPO. These results prove the strength of our model, validate our value-enhancing approach to M&A and provide an excellent platform for continued expansion in 2016. The global online takeaway market continues to grow as consumers become ever more demanding; wanting more choice and greater convenience. Just Eat has been at the leading edge of developing and growing the online marketplace for takeaway food delivery as it responds to these changing trends. The company reported strong trading momentum has continued into 2016. Investment for growth in areas such as technology, marketing and people will continue and, as a result, the Board expects 2016 revenues of £350 million and Underlying Ebitda of between £98-100 million at current exchange rates.”

Greggs reports like-for-likes up 4.7%: Greggs has reported total sales up 5.2% to £835.7m (excluding 53rd week in 2014) in the 52 weeks ended 2 January 2016. Company-managed shop like-for-like sales were up 4.7% (2014: 4.5%) and pre-tax profit excluding exceptional items were up 25.4% to £73.0m (2014: £58.3m). It said growth was driven by our strategy to focus on the growing food-on-the-go market. Further improvements to product range were launched, including ‘heat-to-eat’ sandwich range and an extended breakfast menu. Its Balanced Choice’ range of healthier options now accounts for 10% of total sales. The year saw 202 shop refurbishments plus 20 café conversions. 122 new shops were opened and there were 74 closures with 1,698 shops trading at 2 January 2016. It reported a planned £100m investment in manufacturing and distribution operations over the next five years. Chief executive Roger Whiteside said: “In 2015 we delivered another excellent performance in the second year of our strategy to transform Greggs from a traditional bakery business into a modern, attractive food-on-the-go retailer. We have made significant progress across the business change programme, consequently our estate is stronger and our products, value and service are all improving the experience for customers. This year has started well and the consumer outlook remains positive with disposable incomes expected to grow further in 2016. Overall 2016 will be another year of significant change as we advance with our strategic plan and propose major investment in our supply chain. Alongside this we are confident of delivering a further year of underlying growth.”

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