Bargain Booze owner Conviviality posts strong results

14 July, 2014

Bargain Booze and Wine Rack owner Conviviality Retail has reported a pre-tax profits increase of 31.5% for the financial year ending April 27.

Pre-tax profits excluding exceptional items were £9.3 million, compared with £7.1 million the previous year.

Like-for-like retail sales climbed narrowly, up 0.05%. The group has a cash balance of £10 million and is debt-free.

Chief executive Diana Hunter said: “These are strong results achieved during a period of significant change for our business and we are making good progress to deliver our strategy. 

“We are seeing the benefits of a stronger relationship with our franchise partners, and many of our franchisees have seen their profits improve as a result.”

Conviviality said franchisee profit per store rose 10% and that franchisees were awarded 1.2 million shares, each worth £5,700, for hitting performance targets.

Average retail sales per store were up by £16,000 and gross profit margins increased 0.7%.

Hunter added: “We have a significant opportunity ahead and we are confident that the foundations we have put in place this year will deliver further improvements for our company, our franchise partners and investors.”




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Looking back to look forward

Wine is a liquid time capsule. Drinking older vintages not only recalls the weather conditions and winemaking styles of the past, it encourages us to reflect upon our own histories. Such reminiscence often inclines towards romanticised nostalgia. Especially after the second bottle. But looking back is a great way of learning about the future.

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