Luminar this morning described like-for-like sales for the year to date as ‘neutral’. In a pre-close statement for half-year ending 31 August, the group said it was "cautiously optimistic". The company said that trading was "broadly in line with its plans" after an adjustment for the sale of 49 non-core clubs in its Enterprise Division to a management buyout, in a deal worth £27.2m, which took place in June. The group has completed the rebranding of seven units in the first half and said it was "pleased" with the progress being made with the rebranding programme. Luminar has cut its net debt to £140.4m from £173.3m in the same period last year, as a result of improving operating cashflows and selling underperforming assets. Since the half year the company has further strengthened its cashflow with the completion of the sale-and-leaseback, referred to in the company’s preliminary announcement in May, for £17m.