| CATEGORY: AIM BULLETIN SECTOR: TRAVEL & LEISURE |
Premium Bars sales down 5% |
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Tue 17 Jun 2008
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LONDON (SHARECAST) - A slow-down in its late night business and problems selling unwanted sites has prompted a profit warning from bar owner Premium Bars and Restaurants.
"Group like for likes (including pro-forma figures for Living Room and Bel and The Dragon) are down 5%, with the declines coming principally in our wet-led late night businesses and in our non-core businesses held for disposal (4 sites),"it said in a statement.
The market has continued to be very challenging as the smoking ban and the growing pressure on consumer spending continues to have a negative impact on the industry, the statement added.
Problems in the property market problems have also meant delays in the sale of the non-core businesses, which will have a material impact on the company's full year result. Excluding these non-core businesses, which will cost in excess of £1m in lost profit, Premium expects the full year total to be slightly below its previous expectations.
More encouragingly, Premium says The Living Room brand has continued to perform well .
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