World Cup is the latest excuse from Luminar

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Today it blamed the World Cup, without explaining precisely why the football could be at fault.

The company behind the Oceana and Liquid brands saw revenues flop 19.9% in the 19 weeks to July 8.

With large dance venues out of fashion in favour of smaller bars, Luminar is struggling to reinvent itself.

The company confirmed that it will achieve £10 million of cost savings this year and claimed that it is also on track to cut debt levels.

"In line with our experience of previous tournaments, the World Cup has adversely affected trading," said the statement.

Altium Securities said: "We need an improvement in the wider economic environment and in particular the level of youth unemployment before Luminar can rebuild profitability."

The shares, down 90% in the last 12 months, fell another 1p to 10.5p.

THE BLAME GAME

July 13: "World Cup"
May 13: "Severe weather"
March 12: "Poor weather"
January 14, 2010: "Youth unemployment"
July 17: "Competitive conditions"
January 15, 2009: "Price-sensitive customer base"