Bargain Booze owner reports strong full year sales and profits
Bargain Booze owner Conviviality Retail has reported strong increases in both its full year sales and profits after it acquired drinks supplier Matthew Clark, reconfigured its business and strengthened its management team.
In the 53 weeks to 1 May, pre-tax profit before exceptional items rose by 124% to £21.7 million while adjusted EBITDA increased by 135% to £30.2 million.
Pre-tax profit for the year was £9.1 million compared £9 million previously.
Meanwhile, revenue was up 137% to £864.5 million reflecting the benefit of the Matthew Clark acquisition from 7 October.
Diana Hunter, chief executive of Conviviality, said: “These strong results reflect the hard work of our employees, franchisees and suppliers.
“The experienced management team in place, coupled with the well invested and compelling businesses with market leading expertise and current trading in line with expectations, gives the board confidence for the future.”
Conviviality, which also acquired the Bibendum wine, spirit and beer distributor on 16 May, said it has seen a strong start to the new financial year in Conviviality Retail, although some softening was experienced in June with like-for-like sales to 3 July down 2.1%.
Hunter added: “We look to the year ahead with a stronger and more resilient business able to thrive in uncertain economic times. We continue to review the market within which we trade ensuring that we strengthen our position as the UK’s leading drinks and impulse wholesaler and distributor.”
