Off-licence chain Conviviality Retail enjoys strong Christmas sales

Off-licence and convenience chain Conviviality Retail increased its profits by 46.7% during the first half of the year and reported a strong Christmas period despite a challenging market.Last year's loss before tax of £1.1m moved to profit of £2.7m this year. As a result, the company reported earnings per share of 3.2p, compared to last year's loss per share of 1.9p.However, revenues were down to £182.9m from £183.7m same time the year before.Cash and equivalents also decreased significantly from £11.85m to £4.25m.Conviviality Retail said its Christmas sales were higher 2.6% compared to last year. Like-for-like sales rose 1.2%, which was "pleasing [...] given the competitive nature of the market".Chief executive Diana Hunter said: ""I am pleased with our first half year results which are in line with our expectations in a highly competitive market."Despite closures of underperforming stores in the period and the integration of the Rhythm and Booze units, sales have been maintained and store numbers have started to grow as we open higher quality outlets."Shares were up 6.45% to 136.25p on Monday at 14:50.