Ultimate goes Premium
Ultimate Leisure the bar, restaurant, hotel and nightclub operator, has announced plans to change its name to Premium Bars and Restaurants.
The company made the announcement as it revealed its financial results for the year ended 30th June 2007.
On a like for like basis we have maintained sales despite the smoking ban and poor summer weather. Mark Jones, chairman.
The company said highlights included :•Planned change of name to Premium Bars and Restaurants PLC to reflect new focus.•Results in line with expectations.•Turnover up 11.8% to £36.3m (2006 £32.5m), Like for like sales up 1%.•Profit before tax (pre exceptional items and FRS 20 charge) of £0.4m.•EBITDA of £4.2m (2006 £4.7m).•Acquisition of 'The Living Room' and 'Bel and The Dragon' brands - balancing wet-led income with increased exposure to food and the premium end of the market.•Well prepared for smoking ban with limited impact to date.•Positive start to current year. Food mix now over 20%, and total group sales more than double last year.
Commenting on the results, Mark Jones, chairman said: "These results are in line with market expectations and the second half of the year saw an improved performance in our core estate as the benefits of the investments in our assets, marketing and training started to come through.
"Whilst it is still early, we have had an encouraging start to the current year.
"Total company sales for the first nine weeks to 2nd September are up 109%, food sales are up more than thirteen times on last year over the same period and food mix now accounts for over 20% of total sales.
"Our sales have been boosted by our recent acquisitions. On a like for like basis we have maintained sales despite the smoking ban and poor summer weather.
"The investment in our core estate is now complete, and we believe that the Group is in a better position than ever before. Including the acquisitions of The Living Room and Bel and The Dragon brands we have a strong portfolio of premium brands, providing the Group with an enhanced platform for growth in what remains a competitive market.
"As a result, we continue to be confident about delivering value to shareholders in the current year and beyond."
