LMR Luminar Grp

    RNS Number : 2541E
  Luminar Group Holdings PLC
  25 September 2008
   

    Luminar Group Holdings Plc

    Pre-close Statement for the half year to 28 August 2008

    Trading
    The trading patterns described in our Interim Management Statement released on 16th July 2008 continued for the remaining six weeks of
the period for the half year to 28th August 2008. In summary the sales during the summer period have continued to be difficult but footfall
has strengthened slightly during the month of August as a result of trading initiatives.  

    Total sales from continuing operations are still ahead of last year but like-for-like sales figures have been affected by high prior
year comparatives and, as previously disclosed, the effect of our rolling refit programme this year. 

    We are continuing to manage our business tightly and control our costs in line with demand; gross margins have remained stable and in
line with the previous guidance.

 Like-for-like sales  FY09          FY08 
                      Weeks 1 - 26  Weeks 1
                                    - 26
 Total dancing        (2.4%)        4.1%
 (74 units)

 Branded dancing      2.1%          13.4%
 (48 units)    

    Underlying like-for-like sales, excluding the impact of the units undergoing refits, are down 0.3% for total dancing and up 2.8% for
branded dancing.
      
    Development
    The Group's 2008/09 development programme is on track. We have opened seven new units so far this year.  Oceana Watford opened last
night (24th September) and the final re-branded venue for this financial year is expected to open by mid-November. 

    Capital Structure
    Luminar continues to be financially strong and asset-backed. The Group's operations are highly cash generative and Luminar will continue
to finance its development through its existing strong cash flow and banking facilities. Cash net debt at the half year stood at �159.1m and
Luminar has total facilities of �180.0m, which will not need renegotiating until 2012. �140.0m of those facilities are hedged at average
rate 6.3%.

    Cash net debt will reduce over the second half  to levels similar to those at the start of the financial year as the development
programme has been substantially completed in the period to 28 August 2008 and this strengthens our position further.  

    Outlook
    Luminar is well positioned with excellent venues and a strong asset base. Management actions to drive footfall are delivering and cost
base initiatives are progressing well with the Group expecting to deliver cost savings in the remaining half of the year in excess of �2.5m.
 The contractions in the supply of the late night entertainment venues are strengthening Luminar's competitive and financial position
further.

    The Group is well financed with freehold asset backing (valued at �180m). The outturn for the financial year as a whole, as ever, will
be dependent on trading in the important fourth quarter but at present the Group is in line with management expectations.

    25 September 2008 

    Enquiries

 Luminar Group Holdings plc
 Stephen Thomas, Chief Executive      01908 544120 
 Nick Beighton, Finance Director      01908 544135 

 College Hill
 Matthew Smallwood                    0207 457 2020


      Appendix 1: Unit reconciliation

    The table below reconciles the units reported as at 28 February 2008 to those reported as at 28 August 2008:

            28 February 2008                               28 August 2008
 Segments    Total units *    Transfers **  Disposals ***  Total units *

 Branded                  52             6            (1)              57
 Unbranded                28             -              -              28
 Dancing                  80             6            (1)              85

 Non-core                 20           (2)            (7)              11

 Total                   100             4            (8)              96

    * The units presented above exclude those units which are closed for development (nine units at 28 August 2008) or have been sub-let
(five units at 28 August 2008).  The table above excludes one unit acquired during the period, which is currently in development.

    ** Net transfers relate to units transferred to development or sub-let, or units collapsed from three / two trading units into one. Six
branded openings have taken place during the half year.  

    *** Disposals exclude eleven sub-let units, two units closed for development and one former head office unit, which were disposed of
during the period to 28 August 2008. A further five units were exchanged on 16 April 2008 and are due to complete in the forthcoming
months.



This information is provided by RNS
The company news service from the London Stock Exchange
 
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