The Revel Collective (TRC) H2 2024 earnings summary

Executive summary

• Renamed as The Revel Collective plc, reflecting a more balanced business with four key brands and broader offerings.

• Completed a major Restructuring Plan, reducing the estate from 89 to 62 bars and pubs, and received a £12.5m fundraise to de-lever.

• New board appointments, including Luke Johnson as Non-Executive Chairman, bring significant hospitality experience.

Financial highlights

• FY24 sales of £149.5m, down 2.0% year-over-year due to site closures and softer like-for-like sales, partially offset by Peach Pubs annualisation.

• Adjusted EBITDA (IAS 17) of £3.0m, down from £6.6m in FY23, reflecting a challenging macro environment.

• Adjusted loss before tax (LBT) of £5.7m (IAS 17), compared to £1.5m loss in FY23.

• Net bank debt reduced to £12.1m as of 21 October 2024, following fundraise, debt write-off, and restructuring.

• Significant exceptional items: £28.4m non-cash and £2.7m cash, mainly from impairments and restructuring costs.

Outlook and guidance

• Group in steady state with manageable debt and renewed management focus.

• Annualised £3.8m EBITDA savings expected post-restructuring.

• Peach Pubs and Founders & Co. primed for expansion; Revolution brand undergoing initiatives to improve performance.

• Support centre and site portfolio reshaped for strategic growth.