The Group's Prelims out today show Operating Profit is half that of last year, before figures were restated.
Companies: Revolution Bars Group PLC
Revolution Bars (LON: RBG) has released its Preliminary Report for the 52 weeks to July 1st today, outlining its results for one of its most tumultuous trading years to-date.
Shares in the Group plunged 35% in May due to a profit warning from management, which has led to a chain of events including two takeover bids from rivals Stonegate and Deltic.
An increase in revenue of 9% to £130.5m was reported, thanks in part to its six new site openings in the period, whilst its reported Operating Profit of £3.7m was half of its originally reported £7.3m in FY16 (2016 Restated: £5.3m).
Underlying EBITDA was £15.1m, down from the £15.6m originally reported in 2016 (Restated: £13m).
Earnings per share also fell, dropping to 8.2p per share against FY16's original 12.1 and the restated 8.8p per share.
Shares in RBG were trading marginally down this morning at 209p against yesterday's closing price of 211p.
The Group also underwent some Management changes in the period, with the resignation of its CFO less than two weeks before the profit warning that sent shares diving.
As a result of the share price plunge, rival bar group Stonegate stepped in with a takeover bid of 203p per share, which represented a 62% premium to the share price of July 31.
This led to a counter bid from Deltic, who are still performing due diligence before its October 10 offer deadline.
Regarding the impending deadline for Deltic's offer, and the already accepted offer from Stonegate, Management noted:
"It is likely that the ownership of the Company will change in the next few weeks."
RBG's market cap is currently c. £106m and trades at a PE ratio of 16x versus the industry median of 17x.
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