Luminar, the UK’s largest nightclub operator, reported a 58 per cent fall in annual pre-tax profits, but its shares rose 6¼p to 133p after the group said it was seeing signs that the slide in trade was stabilising.

The group, which runs the Liquid and Oceana chains, said that while trading since the year end had been subdued, it had seen an “encouraging” 3.2 per cent increase in the number of clubbers passing through its doors.