Holiday partying ups Luminar

18-01-2008

Holiday partying ups Luminar
Luminar, the UK nightclub and venue operator, has announced that like-for-like sales in its dancing division were up by one per cent during Christmas time.

The UK's biggest nightclub owner said like-for-like sales of "branded dancing" were up by 4.3 per cent over the festive period.

As many fear a downturn in holiday spending for shoppers, the positive figures suggest that Britons were still able to get out on the town.

"The board is mindful of the recent trends in the sector. Given the significant competitive advantage created by Luminar's venues and strong asset backing, the board is confident in the group's strategy," the update said.

The release also said that full year pre-tax profits "should be within the current market forecast range". Half-year gross margins were up 1.3 per cent compared to the same period last year, according to the update.

Additionally, the statement comes amid worries that the smoking ban would negatively impact late-night venues. Luminar said that venues and clubs with "smoking solutions" outperformed those without.

The company, which runs clubs and venues such as The Jamhouse and Liquid and Life, saw its share price rise by 1.69 per cent to 126.50p in yesterday's trading.

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