REVOLUTION Bars has slashed its profit expectations for the year in the face of bar closures and cashstrapped youngsters.

In a trading update, the nightlife operator said it now expects EBITDA to be £3-3.5m, down from a range above £5m.

Shares closed down 22 per cent as investors responded to the news.

The board delivered the warning despite reporting its "best ever" Christmas following the pandemic.

Group like-for-like sales rose nine per cent and pre-booked party revenue grew by 26 per cent on last year's figures.

However, Rob Pitcher, chief executive of Revolution Bars Group, said: "Looking forward, both business rates and national living wage will increase materially in April 2024 and therefore we have had to take the view that, with inflation remaining high, the recovery for the Revolution business... will take longer than we had previously forecast."

(c) 2024 City A.M., source Newspaper