The Revel Collective (TRC) Trading Update summary

Festive and H1 trading performance

• Like-for-like sales rose 1.6% during the festive period from 7 December 2024 to 3 January 2025.

• Prebooked revenue, mainly from corporate Christmas bookings, reached record levels and was 5.3% higher than last year.

• 32 weekly food and drink sales records were broken, with Peach Pubs leading brand performance.

Financial outlook and guidance

• FY25 IAS 17 EBITDA is now expected in the range of £2.0-4.0m due to lower H1 sales and higher costs from budget changes.

• Net debt as of 21 January 2025 stands at £14.4m, excluding PIK and lease debt.

• Discretionary spend and capital investment will remain tightly restricted for the rest of FY25.

Operational challenges and initiatives

• Early FY25 bar sales were impacted by uncertainty from the delayed Revolution Bars Limited Restructuring Plan.

• The late-night market remains challenging, with sales recovery slower than anticipated.

• New sales initiatives, including a refreshed Revolution brand proposition, are planned for H2.