LONDON (ShareCast) - A surprising rise in student sobriety saw shares in Eclectic Bar Group tank on Wednesday, as the bars and nightclubs operator revealed a wider interim pre-tax loss.
The AIM-listed company said its pre-tax loss in the six months to 28 December more than doubled to £525,000, citing increased competition, underperforming new sites and a smaller number of students drinking.

Revenue rose 11.8% to £12.3m but the improvement was offset by increased operating costs, though the company said the performances were in line with its November estimates, when it issued a profit warning following a disappointing freshers' week period.

The group said that its Lola Lo bar in Derby and the Dirty Blonde bar in Brighton had failed to meet targets and while it added that trading over the Christmas period had been encouraging, it warned that conditions remained difficult.



Full year results from consumer healthcare company Venture Life showed the first notable revenues for the company since it floated on AIM last March.

Group revenues were transformed by the acquisition of Italian cosmetics manufacturer Biokosmes at the time of the flotation, rocketing to £7.2m from the £0.49m the prior year, with losses before tax, amortisation and exceptional costs slashed to £0.59m from £0.96m.

The manufacturing business, which is centered around Biokosmes, contributed revenues of £6.7m at a gross margin of 35%, meaning the historic brands business enjoyed organic revenue growth of around 2%.

As the manufacturing facility is running at less than 50% of its potential capacity, with only limited investment required to be operating at its potential capacity, management is optimistic of further gains.

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