Bar, restaurant and nightclub operator Luminar has seen profit and turnover drop as it enters a year of transition.
Turnover for the year ended 27 February 2005 fell 6.2% to £375.1m, compared with £399.7m the previous year, while pre-tax profit dropped 14.8% from £62m to £54m.
Luminar is currently transforming itself into a nightclub and late-night entertainment group and has earmarked 91 non-core nightclub venues for sale.
It is also conducting a review of its entertainment division, which includes Chicago Rock Café and Jumpin' Jaks bars, with a possible sale in mind.
Company chief executive Stephen Thomas said: "We're focusing our estate to play to our strengths: managing the country's leading group of late-night venues."
Thomas said trading since the year end had shown signs of stabilising, with flat like-for-like sales across the company's core estate of nightclubs, bars and restaurants in the 10 weeks to date.
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