Luminar ‘disappointed' with £1.1m loss

12 May 2011 by
Luminar ‘disappointed' with £1.1m loss

Nightclub operator Luminar has branded its full-year results "disappointing" as it made a pre-tax loss of £1.1m for the 12 months to 26 February 2011.

The company, which runs 77 nightclubs predominantly under the Oceana and Liquid brands, made total sales of £137.3m, down from £169m the year before. It disposed of 16 sites over the period, generating proceeds of £7.4m.

Meanwhile, sales for the first nine weeks of the current year are 13.9% below the previous year on a same-outlet basis, the company said.

Average sales per customer were largely maintained at £12.40, compared with £12.46 in 2010.

Simon Douglas, chief executive officer, said: "Whilst the marketplace remains challenging, the business is continuing to focus on operational excellence and responding to customer demands. The results for the year, while disappointing, show some early indications of improvements in like-for-like trends. Equally encouraging is the early evidence that initiatives introduced midway through the year appear to be gaining traction and are diversifying our offerings and revenue streams".

Luminar parts with finance director as profits slump >>

Luminar reports 10% fall in same-outlet annual sales >>

By Neil Gerrard

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