Party’s over for bar chain as its shares tumble 21pc

INVESTORS’ heads were spinning as High Street bar and party chain Revolution Bars reported sliding sales for the first half of its financial year.

Like-for-like sales at the boozy lunch-cum-nightclub spot, during the six months to December 29, were down 4pc on the same time a year earlier.

Its Revolucion de Cuba brand was propping up the group, while the Revolution brand ‘consistently traded below last year’, the company said.

Despite its efforts to ‘revitalise’ Revolution, the company added that profit for the first half would be £2m lower than last year.

It set predictions for full-year profits at £12m, down from £15m.

Chief executive Rob Pitcher said: ‘Given the uncertain economic and political outlook we are adopting a more cautious outlook on trading in the coming months.’

There was some good news for shareholders. Revenue – which unlike like-for-like sales includes the effects of expansion – climbed 6.4pc to £78.5m, as Revolution opened five venues over the six months. Festive revellers also gave Revolution a helping hand, as sales in the four-week period leading up to and including New Year’s Eve jumped 2.6pc.

But shares still slumped 21.2pc, or 25.8p, to 96p.

Economic turmoil of a different kind hit fees for recruiter Page in France and China at the end of 2018.

Rioting in Paris amid the so-called yellow vest protests is thought to have badly damaged the French economy in the last three months of the year, triggering a fall in the number of jobs created.

Page’s fees in France grew by just 10pc in the final quarter of 2018, down from 21pc growth in third quarter. Meanwhile the FTSE 250 firm’s fees from greater China were up 12pc in the fourth quarter – down from growth of 31pc – as a trade war with the US took its toll on the Asian nation’s manufacturers.

The problems took the glow off improved figures for Britain and Australia, and shares in Page fell 7.1pc, or 32.8p, to 432.2p.

Premier Oil was another drag on the FTSE 250, as the oil and gas exploration business confirmed it was considering buying North Sea sites from US energy major Chevron. The sale process for the assets was launched last summer, as Chevron began to pull back from the UK.

Premier has been rumoured as a potential bidder for months, but has not yet tabled an offer.

Investors were worried by the prospect that they might be called upon for cash, and shares plummeted 11.6pc, or 9.2p, to 70.25p.

Just days after Norwegian oil giant DNO snapped up Londonlisted minnow Faroe Petroleum, the board of Ophir Energy unanimously slapped down a £340m takeover offer from Indonesian oil company Medco Energi.

Medco last week said it was mulling a 48.5p per share cash offer for London-listed Ophir, which has assets in South-East Asia, Tanzania and Mexico.

But Ophir said that this offer undervalues the company.

Medco’s bid is significantly less than its previous approaches at 58p per share in October and 53.8p in December.

Ophir became a takeover target after it failed to find financing for a liquefied natural gas project in Equatorial Guinea, causing its share price to more than halve over 2018. Yesterday it was up a marginal 0.3pc, or 0.15p, at 45.15p.

It was a relatively uneventful day for the FTSE 100, which closed last night 0.9pc lower, or 63.16 points, at 6855.02. A broker downgrade for Paddy

Power Betfair made it the Footsie’s biggest loser, wiping 4.1pc, or 270p, off its share price which ended the day at 6260p.