Revellers keep Regent spirits up

By FIONA WALSH
Updated:

 

DRINKERS at the Walkabout and Bar Risa/Jongleurs chains are holding back early in the week but are still keen to party hard as the weekend approaches, according to owner Regent Inns.

Announcing the expected fall in first-half profits, group chief executive Stephen Haupt said sales had been hit by Regent's decision not to get involved in the widespread price-cutting by its rivals. Like-for-like turnover at the 38-strong Walkabout chain fell 2.8% in the half-year to 4 January, while Bar Risa/Jongleurs declined 4.1%.

But both chains improved margins and Haupt said door income at Walkabout jumped by as much as 38% like-for-like. 'They're coming in slightly later, probably because they're having another beer somewhere else first. That's fine by us, they're still desperate to get into Walkabout.'

Profits before exceptional items, goodwill and discontinued operations fell from £7.7m to £6.8m but the interim dividend is maintained at 1.82p, news which helped the shares rise 6p to 62 1/2p.

There was no improvement in trading conditions through January but the group said it is confident about its strategy of focusing on the strength and value of its brands, and should remain resilient in the current tough trading environment.

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