Luminar says may miss expectations

Fri 25 Sep, 2009 06:31

LONDON (Reuters) - Luminar (LMR.L), the country's biggest nightclub operator, said there was a significant risk it would miss full-year profit expectations after reporting a fall in first-half sales and worsening trade in September.

The firm, which runs the Liquid and Oceana chains, also said on Friday that it might be affected by the decision of Eminence Leisure Limited, in which it owns a 20 percent stake, to look at a creditors' voluntary liquidation.

Eminence supplies Luminar with DJs and performing artists.

Sales from continuing operations fell 5.9 percent in the 26 weeks to August 27 and were down 4.5 percent on a same-outlet basis, stripping out the effects of a late August bank holiday.

Admissions revenues were down 0.2 percent, footfall was down 2.9 percent and drinks revenue down 6.6 percent. However, gross profit margins improved, due to higher drink prices.

"As a result of the factors outlined above there is a significant risk that the company will not meet market expectations for the full year ending 25 February 2010," Luminar said in a trading update.

The outcome would depend to a large extent on trading over the next quarter including the key Christmas period.

(Reporting by Mark Potter; editing by John Stonestreet)