Luminar sales slump again

Nightclub owner Luminar is still shuffling nervously around the edge of the dancefloor.

Sales continue to swan dive as youths looking to mingle head to late night bars instead and those out of work stay home.

In the half-year to the end of August, revenues belly flopped by more than 20%.

The company, which owns the Liquid and Oceana chains, is in a scrap for survival.

The shares, once more than 600p in the glory days of 2007, were today up 1p at 16.5p which makes the company worth £16.5 million.

That rally is probably because Luminar was able to report that it is at least "within the terms" of its banking covenants.

Mark Brumby of Langton Capital said: "The last seven weeks are seasonally weak but -20% cannot be supported forever. Trading remains very difficult. The snow, the World Cup etc didn't help but now, with the students' back at university and revelers beginning to think of Christmas, it is critically important that trading stabilises and, if possible improves."

Brumby says the question for the group is "how much of 2008-11's downward move in demand is permanent and how much can be clawed back".

Luminar has sold off four properties, bringing in £3.7 million of cash.

It remains it talks with lenders over a refinancing of £93 million of debt.

Admission revenues are 26.5% lower and footfall is down by 19.1%. Drinks spend per head was slightly ahead of a year earlier at £8.39.