Nightclubs and themed bars operator Luminar Group Holdings Plc (LMR.L), Friday, in its pre-close trading update for the year ended February 25, 2010, said it expects profit for the year from continuing operations, excluding exceptional items, to be in line with board's expectations.
For fiscal 2009, same outlet sales dropped 9.9% from the year-ago period primarily due to reduction in customer numbers. Luminar noted that both sales per customer and gross margins have remained at similar levels as compared with the prior year.
The Buckinghamshire, UK-based company stated that trading during the last two months of the year were affected severely by persistent poor weather across most of UK.
The company said it has commenced a rigorous cost reduction exercise across the business that is estimated to significantly lower operating costs in the next financial year.
At the end of the year, net borrowings totaled about GBP 93 million, a reduction of GBP 49 million in the year. The group intends to announce its full year results on May 13, 2010.
LMR is currently trading on the London Stock Exchange at 33.75 pence per share, down 1.75 pence or 4.93%, on a volume of 7,000 shares. In the past 52-week period, the stock has been trading in a range of 26.75 pence to 181.50 pence.
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