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Revolution Bars cheered by positive performance ahead of full reopening


9.13am: Bars group expects full year to beat forecasts

It is the proverbial sea of red in the markets but there are some bright spots out there.

Revolution Bars Group PLC (LON:RBG) is toasting the news that indoor trading in pubs and restaurant will indeed by allowed next Monday, 17 May.

It has already opened 25 of its 66 bars for outside trading, which have seen good business despite some chilly weather.

The company said: “The restrictions in place are such that in the bars where we have been able to trade outdoors the covers available represent approximately only 15% of total capacity of those venues, which are also trading for shorter hours than normal.

“Despite these constraints, we are delighted to report that these venues have delivered 48% of the sales in the four weeks to 9 May 2021 when compared to the same period in 2019, when there were no COVID-19 restrictions. We believe this performance has been underpinned by the strength of our brands, our loyal customer base and the improvements we have made to the business during the period of forced closure.”

With the next stage of re-opening in sight, the company believes its full year performance will be ahead of previous expectations.

Chief executive Rob Pitcher said: “As predicted we have seen huge pent up demand and a rapid recovery across the nation in the bars with outside space that we have been able to open to date.

“The ability to trade inside from 17 May 2021 provides another landmark in the Roadmap and whilst we will still be restricted to using less than 50% of our actual capacity, the demand that we have experienced in recent weeks provides us with the confidence to open all the remaining bars.” 

The news has pushed its shares up 10.94% or 3.5p to 35.5p.

8.29am: Private jet firm takes off after record year

Aviation businesses have been hit badly by the travel restrictions forced on the industry by the pandemic. You only have to ask the likes of Heathrow or International Consolidated Airlines.

But charter specialist Air Partner PLC (LON:AIR) has bucked the trend.

Its shares have taken flight, up 10.26% or 8p to 86p, after it reported a record full year performance and said the first quarter was ahead of management expectations.

Driven by a positive performance from its charter and US private jet businesses as wealthy customers continued their leisure travel despite the pandemic, it saw revenues rise 6.7% and underlying pretax profits jump 176.2% to £11.6mln.

It also benefited from evacuation activity, while sports and government business also continued. Its freight operations thrived thanks to flying PPE and automotive supply chain disruption.

But travel restrictions dampened demand for its private jet business in the UK and Europe.

After a strong start to the current year, the company also expects the second quarter to be above its original forecasts as long as government restrictions are lifted.

Chief executive Mark Briffa said: “Last year was a record year for Air Partner, as our proven ability to partner with governments and global corporations enabled the group to play a vital role in evacuations, repatriations and the provision of PPE in the face of the global pandemic…

“I was also pleased to see our diversification strategy has come to the fore, as we provided customers with solutions that combined our expertise in Charter and Safety & Security in Asia, America and Europe. We have started the new financial year ahead of expectations, with our organic investments in the US continuing to drive growth in this important market. Looking ahead, I am excited about the opening up of the aviation sector and believe our Private Jets and Safety & Security offerings are especially well placed to benefit from the re-opening of skies and airports.”

Also heading higher is Invinity Energy Systems PLC (LON:IES).

Its shares have surged 16.26% or 20p to 143p after it signed a deal with Gamesa Electric, a subsidiary of Siemens Gamesa Renewable Energ.

The two firms will jointly develop a vanadium flow battery based on Invinity’s technology and incorporating Gamesa Electric’s advanced power conversion systems, and sell the product through both of their commercial channels.

Proactive news headlines

The City Pub Group PLC (LON:CPC) said trading has been encouraging since pubs were allowed to reopen for outdoor trading, with 24 of its 45 pubs open at present but unable to serve thirsty customers indoors.

Angling Direct PLC (LON:ANG) said it will meet market expectations for the current financial year after swinging to a profit during the pandemic.

Coinsilium Group Limited (LON:COIN) said its subsidiary Nifty Labs has started development work on a new non-fungible token (NFT) project to create an ‘NFT on Bitcoin’ marketplace platform powered by the RSK blockchain, a smart contract platform secured by the Bitcoin network.

Kromek Group PLC (LON:KMK) achieved significant revenue growth during the second half of the 2021 financial year, after orders and shipments of the company’s medical, nuclear and security screening detection technology resumed midway through the first half. 

Drilling has now begun on the Kitlanya East in Botswana, a project held by Kalahari Metals, which is 50.01% owned by Metal Tiger PLC (LON:MTR). 

Mobile payments specialist Bango PLC (LON:BGO) has entered into a partnership with NTT DATA to expand payments across Asia. Merchants using the Bango Platform to offer online payments can now expand their footprint to users in Indonesia, Malaysia, Thailand, Hong Kong, Philippines, and other key Asian markets.

Tirupati Graphite PLC (LON:TGR) announced that its planned investor webinar on the Investor Meet Company platform has been rescheduled to 19 May at 10:30am BST. The live presentation from executive chairman Shishir Poddar and two other directors is open to all existing and potential shareholders, with questions invited in advance or during the event.

AEX Gold Inc (LON:AEX, TSXV:AEX) notified that its annual and special general meeting will take place online on June 9 at 10am Toronto time.

Bahamas Petroleum Company PLC (LON:BPC) announced that it will extend the latest time and date its open offer from 11am on 12 May to 11am on 18 May.

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