Nightclub operator Luminar Group has reported a loss of £123.1m for the year to 25 February 2010.

According to the group, trade is not improving this year so far either. Like for like sales are down by nearly a fifth - 19.4 per cent - compared with the first ten weeks of 2009. Pre-tax profits for the year came in at £4.4m, against £20.3m last year, while sales were down 9.9 per cent on a same outlet basis across 85 sites. Sales fell 15.4 per cent in the second half of the year as a result of fewer admissions at the group's clubs, although average sales per customer rose very slightly from £12.29 last year to £12.46.

The company is now moving to significantly reduce costs, with a reappraisal of strategy and focus on key actions, the sale or closure of clubs - four having gone since the year end and five more likely to be disposed of in the next three months - and £10m of further cost savings planned for the current year. Simon Douglas, Luminar chief executive, said: "Whilst our marketplace remains challenging, we believe that by focusing on the operational basics and embracing more modern marketing methods, we will engage and entertain our customers and ensure our offer remains relevant."

Separately, the company has appointed both a new marketing director and a new finance director, the latter named as Philip Bowcock. He replaces previous incumbent Robert McDonald - who has decided to leave in order to pursue other interests - and takes over from 1 June. He was previously at Barratt Developments. Luminar operates 87 late night venues across the UK, 13 of which trade under the Oceana brand and 34 as Liquid sites.