McColl’s experiences challenging year
Convenience retailer McColl’s has warned that its adjusted full year EBITDA is likely come in marginally below expectations at £32 million.
In a statement, the company said revenue in the year to 24 November fell by 1.9% after the divestment of some stores.
Total like-for-like sales were flat against the previous year but trading in the period was impacted by unseasonable weather and falling levels of consumer confidence.
Jonathan Miller, McColl’s chief executive, said: “While 2019 has been another challenging year for the business, we have made good progress against our goals of operational stability and good retail execution. We are also pleased to confirm that we have continued to reduce net debt, with further progress anticipated due to our ongoing capital discipline.”
During the period, the company piloted a scalable food-to-go format, last-mile delivery with Uber Eats and an improved customer segmentation of its estate.
It also strengthened its leadership team with the appointment of Robbie Bell as chief financial officer and Richard Crampton as chief commercial officer.
Looking ahead, Miller added: “The fundamentals of the convenience channel are strong and we remain a resilient, profitable and cash generative business. We are confident in our plans to rebuild momentum in 2020, and look forward to providing a fuller strategy update at our preliminary results in February.”
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