New openings lift sales but hit profits at Urbium

Urbium, owner of the Tiger Tiger chain of bar-restaurants, said today that like-for-like sales for the six months to 27 June were 5% ahead of the previous year.

The increase was the result of new businesses mainly opened towards the end of the period, the company said in a trading update.

It opened the 850-capacity Abacus in London's Cornhill in March, the 620-capacity Agenda in Mincing Lane at the end of May, and the 600-capacity Context in Finsbury Square in early June.

All three are part of the group's plan to capture more of the affluent City of London market.

In June Urbium also opened the first of its smaller-format Tiger Tigers, in Aberdeen.

Business continued to be strongest in London, but outside the capital trading was more difficult and like-for-like sales were down on the first half of 2003.

Urbium said the cost of the new openings would hit profits when the company reports its full interim results to 30 June in September.

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