Nightclub operator Luminar has reported that the expansion and growth of its ‘branded destination’ business is progressing well.
From a single venue to a FTSE250 listed Company in less than two decades is an impresssive achievement for the dynamic and larger-than-life Steve Thomas. This is the force behind such brands as Oceana, Liquid, Lava & Ignite and Life, they're the largest operator of licensed late-night venues in the UK today.
They have announced that trading performance for the half year ended 31st August 2007 has been satisfactory.
A statement released said: “We have continued to enjoy the positive trend in the Branded Dancing Division with like for like sales 13.4% ahead. Overall company like for like sales improved 4.1% for the half year ended 31st August 2007."
“As anticipated, gross margins have fallen to a level slightly below last year due to the tactical promotional investments made during the quieter summer months of July and August.”
“As part of the company's commitment to return cash to shareholders, the company has acquired 1,815,422 shares for cancellation representing £13.3m in cash and over 2% of the issued share capital. This was carried out predominantly between May and July 2007.
“The Scheme of Arrangement, to enable a further return of capital to shareholders is progressing to plan and is expected to be effective in October 2007.
“During the second half of the financial year the company will continue to focus on its core strategy.
“The company is implementing clear operational plans for the key trading periods and the 2007/8 opening programme remains on track.
“At this early stage the Board continues to be optimistic of the outlook for the year as a whole. The company will report its interim results for the period ended 31st August 2007 on 30th October 2007.”
