Pre-Close Statement
March 17 2009 - 3:00AM
UK Regulatory
TIDMLMR
RNS Number : 9532O
Luminar Group Holdings PLC
17 March 2009
Luminar Group Holdings plc
Pre-Close Statement
Luminar Group Holdings plc ("Luminar" or the "Group") announces its Pre-close
Statement for the year ended 26 February 2009.
Trading
In line with the sector, trading patterns were subdued throughout January, but
improved during February. Throughout this period, Luminar continued its tactical
strategy of increasing promotional and pricing activity to support turnover
levels and to drive footfall. Consequently, total gross margins were slightly
lower at 82.3% for the year ended 26 February 2009, compared to 83.6% in the
prior year.
Luminar expects full year results to be within the market range of estimates,
but, as a result of the above dynamics, they are likely to be towards the lower
end of the range.
The sales performance for the year ended 26 February for the continuing business
is set out below.
+--------------------------------+----------------------+------------------+------------------+
| Total Sales | | FY09 | |
| | | Full Year | |
+--------------------------------+----------------------+------------------+------------------+
| Total Dancing (85 units) | | (1.9%) | |
+--------------------------------+----------------------+------------------+------------------+
| Branded Dancing (59 units) | | 0.9% | |
+--------------------------------+----------------------+------------------+------------------+
+--------------------------------+----------------------+----------------+------------------+--------+
| Like-for-like Sales | | FY09 | |
| | | Full Year | |
+--------------------------------+----------------------+----------------+---------------------------+
| Total Dancing (75 units) | | (4.7%) | |
+--------------------------------+----------------------+----------------+------------------+
| Branded Dancing (53 units) | | (3.2%) | |
+--------------------------------+----------------------+----------------+------------------+--------+
Net debt and banking
The Group's net debt at the year end, as anticipated, was approximately GBP141m.
This includes a GBP10m drawdown of the existing asset financing facility,
repayable over 42 months and giving rise to an incremental GBP3m annual
operating lease charge for the duration of the lease, partially offset by
interest and depreciation savings.
The Group's total banking facilities of GBP180m (including a GBP5m overdraft
facility), will not need to be renegotiated until 2012. Together with the
actions taken on capital expenditure and suspension of the dividend, the Group
has significant banking headroom, and remains well financed with substantial
freehold assets which were last valued at GBP180m.
Outlook
Whilst sales in recent weeks have seen an improved trend, trading conditions
remain challenging and Luminar will continue its strategy of promotional
activities, which provide value for money for our customers. The Group will also
continue to progress actions to control cost.
The ongoing economic downturn has led to a continued contraction in the supply
of late night entertainment venues, leaving Luminar with its high quality,
market leading portfolio, well positioned to further strengthen its competitive
standing.
Luminar plans to announce full year preliminary results on 14 May 2009.
17 March 2009
Enquiries
+------------------------------------+------------------------------------+
| Luminar Group Holdings plc | |
+------------------------------------+------------------------------------+
| Stephen Thomas, Chief Executive | Tel: 01908 544120 (today) |
+------------------------------------+------------------------------------+
| Nick Beighton | Tel: 01908 544135 (thereafter) |
+------------------------------------+------------------------------------+
| Robert McDonald | |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| College Hill | |
+------------------------------------+------------------------------------+
| Matthew Smallwood | Tel: 020 7457 2020 |
+------------------------------------+------------------------------------+
Appendix 1: Unit reconciliation
The table below reconciles the units reported as at 28 February 2008 and 28
August 2008 to those reported as at 26 February 2009:
+-----------+----------+-----------+-----------+----------+-----------+----------+
| | 28 | | | 28 | | 26 |
| | February | | | August | | February |
| | 2008 | | | 2008 | | 2009 |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| Segments | Total | Transfers | Disposals | Total | Transfers | Total |
| | units * | | | units * | ** | units * |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| Branded | 52 | 6 | (1) | 57 | 2 | 59 |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| Unbranded | 28 | - | - | 28 | (2) | 26 |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| Dancing | 80 | 6 | (1) | 85 | - | 85 |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| Non-core | 20 | (2) | (7) | 11 | (1) | 10 |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| | | | | | | |
+-----------+----------+-----------+-----------+----------+-----------+----------+
| Total | 100 | 4 | (8) | 96 | (1) | 95 |
+-----------+----------+-----------+-----------+----------+-----------+----------+
* The units presented above exclude those that are closed for development (seven
units at 26 February 2009) or have been sub-let (eight units at 26 February
2009).
** Net transfers since the half year end relate to units transferred to
development or sub-let. Two branded openings have taken place since the half
year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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