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Don't have an account? Click here to register.Conviviality Retail serves final results as aperitif for Matthew Clark deal
Mon, 13th Jul 2015 10:44
(ShareCast News) - Conviviality Retail, owner of the Bargain Booze chain of off-licence shops, posted final results showing small rises in revenue and profits, though the company's shares remain suspended as it attempts to engineer a reverse takeover of the larger Matthew Clark wine wholesaling business.Conviviality, which also owns the Thorougoods and Wine Rack retail brands, saw profits pop 4.4% higher to £9.7m as revenue bubbled up 2.4% to £364.1m.Gross margin improved to 10.2% from 9.2% primarily due to an increase in the number of company owned stores where Conviviality retains both the wholesale and retail margins.Investors will toast a 5% increase in the final dividend to 6.3p per share, bringing the year's total to 8.3p."This is a strong set of results reflecting the hard work of our employees, franchisees and suppliers," said chief executive Diana Hunter.Last week, ex-Waitrose director Hunter announced that the AIM-listed company was participating in a managed sale process of Matthew Clark, a drink wholesaler valued which is 50%-owned by Punch Taverns and valued at around £200m to Conviviality's £104m.No mention of the deal was made in the results, though Hunter said that "during the year ahead we plan to further leverage our wholesale capability into new markets".Broker WH Ireland said the results were in line with its expectations and progress in investing in the infrastructure, store base and personnel was praised as "providing very solid foundations for growth across the franchise estate"."With the shares currently suspended due to the fact that the deal would constitute a reverse takeover, we await further news on the sale process. However, this would clearly be a game-changing deal for Conviviality if successful."
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