Luminar shares surge as trading improves

Luminar, which operates Oceana and Liquid nightclubs, said it made pre-tax profits of 1.8m compared with profits of 5.2m a year earlier in the 26 weeks to August.

Sales were down 16.9 per cent compared to the same period a year earlier in the 7 weeks to October 14.

This was a slight improvement in the 20.2 per cent drop seen in the 26 weeks to August, as the introduction of competitively priced cocktails to its menu and a partnership with the Ministry of Sound lifted revenue.

The group, which has suffered from rising unemployment within its core 18-24 customer age group said it remained exposed to pressure on personal finances given continued economic uncertainty.

Shares in the company, which has 78 venues across the UK, gained 17 per cent to 15.5p in early trading, making the company the top riser in London.