2 Feb 2017 16:07
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Don't have an account? Click here to register.Conviviality posts solid interims, sees extra benefits from acquisition
Mon, 01st Feb 2016 10:35
(ShareCast News) - Half-year results from off-licence group Conviviality showed solid underlying growth in the retail business and plenty of encouraging signs from recently acquired wholesaler Matthew Clark.Group sales of £252m in the 27 weeks to 1 November were a 38% improvement on the equivalent period the year before, with earnings before interest, tax, depreciation and amortisation up 43% to £6.5m.Earnings per share were 3% higher at 3.8p and there was a 5% increase in the dividend to 2.1p per share.Chief executive Diana Hunter said the integration of Matthew Clark was well ahead of schedule, with a new organisational structure in place and negotiations to deliver the buying synergies now expected to deliver "significantly ahead of plan", benefiting the next financial year and onwards.In the retail arm, mainly under the Bargain Booze brand, comparable sales growth was 0.8%, with like-for-like retail sales down 1.3% and a flat EBITDA performance as franchisees maintained average profitability levels.A net 50 stores are expected to open in the full year.At Matthew Clark, revenue from the 7 October acquisition completetion to 1 November climbed 2.7% to £60.6m, with EBITDA up 10% to £2.1m.Since the deal completed, 841 new outlets have been signed up, an increase of 27% on the same period last year.Analysts at Investec upgrade 2017 forecast PBT by circa 6% and 2018 by circa 5%, and see upside risk."Realisation of synergies and continued delivery in core businesses should drive a re-rating, in our view," they added.WH Ireland raised estimates by 2.2% and 1.1% respectively and said it saw further upside for the shares in 2016.
More News
30 Jan 2017 07:46
Conviviality makes dividend a double as acquisitions put fizz in profits
(ShareCast News) - Alcoholic drinks retailer and wholesaler Conviviality doubled its interim dividend after after its acquisitions last year more than tripled first-half sales and almost quadrupled profits. As the integration continued of wholesalers Matthew Clark, acquired in October 2015, and Bibe
Read more23 Jan 2017 16:05
1 Nov 2016 11:28
Conviviality's revenues rise as it performs in line with expectations
(ShareCast News) - Food and drink wholesaler Conviviality revenues increased as it said it is performing in line with market expectations for the year. In an update for the 26 weeks to 30 October, total revenues were 211% ahead of last year to £783m, which includes revenues from the acquisitions of
Read more1 Aug 2016 11:40
David Robinson jumps to Conviviality from Argos
(ShareCast News) - Independent alcohol wholesaler Conviviality announced on Monday the appointment of David Robinson to the board as managing director of Conviviality Retail with immediate effect. The AIM-traded firm, which operates the Bargain Booze and Wine Rack brands, said Robinson joined the gr
Read more18 Jul 2016 10:15
Conviviality Retail toasts full year growth and new resilience
(ShareCast News) - Bargain Booze operator Conviviality Retail doubled annual earnings and cash flow and says it is a "stronger and more resilient business able to thrive in uncertain economic times". Revenues in the year to 1 May of £864.5m were 137% higher than the prior year thanks in part to the
Read more11 Jul 2016 15:06
20 May 2016 11:53
Conviviality sees annual EBITDA ahead of market views
(ShareCast News) - Conviviality sees its full-year EBITDA coming in marginally ahead of market expectations as the company confirmed sales up 137% to about £864m in the 53 weeks to 1 May. Wholesale sales were in line with the prior year and like-for-like retail (LFL) sales generated by its franchise
Read more3 May 2016 15:42
Conviviality buys Bibendum PLB for £60m
(ShareCast News) - UK alcohol wholesaler Conviviality has conditionally agreed to buy Bibendum PLB for £60m. Conviviality said the acquisition of Bibendum - a distributor and wholesaler of wine, spirit and beer to the UK on-trade and off-trade markets - will be funded through the placement of share
Read more