The Revel Collective (TRC) Trading Update summary

H1 and festive trading performance

• Like-for-like sales for the four weeks to 31 December rose 9%, marking the best festive period since 2019.

• H1 like-for-like sales, including New Year's Eve, showed an improving trend at -2.8%.

• Peach Pubs achieved record Christmas trading, with three consecutive record weeks and weekly sales over £1m for the first time.

• Revolución de Cuba saw pre-booked party revenue up 26% vs 2022 and double-digit LFL growth during the festive period.

• Founders and Co. delivered double-digit LFL growth every month in FY24 to date.

Brand and operational updates

• Peach Pubs integration is progressing well, with £1.5m in synergies on track for FY25.

• Revolution brand saw positive LFL growth over Christmas, but younger guests remain pressured by the cost-of-living crisis.

• All refurbishments are deferred until trading improves, reflecting lower expected EBITDA.

Financial outlook and guidance

• Board now expects IAS 17 EBITDA to be around £3-3.5m due to cost pressures and revised LFL growth assumptions.

• Net debt as of 23 January 2024 is £20.3m, within the NatWest facility.

• Capex will be significantly reduced in response to lower EBITDA.