Conviviality Retail drinks up pre-tax profits boost
Conviviality Retail, the group behind Wine Rack and Bargain Booze, released its preliminary full-year results today, showing profits before tax slightly ahead of market expectations.
The AIM-listed group is fighting in an endangered marketplace with many high-street alcohol retailers going out of business in recent years.
Today the company reported pre-tax profits had risen 31.5 per cent to £9.3m, up from £7.1m in 2013. Revenue was down to £355.7m from £371.8m largely due to the group streamlining its business by closing a raft of stores.
Conviviality floated on the AIM last July and, following its public offering, is debt free and looking to expand.
Like for like sales were up by 1.4 per cent as Conviviality looked to improve the image and efficiency of its stores with new fascias and a streamlined business model.
The report also announced a proposed 6 pence dividend per share, bringing the total to 8 pence over the year.