Conviviality swings to profit in first half
Bargain Booze owner Conviviality has reported making a first half profit of £7.4 million compared to a loss of £4 million in the same period in the previous financial year.
In the six months to 30 October, revenue climbed by 211% to £782.5 million while adjusted EBITDA rose by 252% to £22.9 million.
During the period, the company completed the acquisition of Bibendum PLB Group and strengthened its board with the appointments of Jennifer Laing, Mark Aylwin and David Robinson
It also entered into a two-year supply agreement with Palmer and Harvey to provide lower volume beers, wines and spirits.
Diana Hunter, chief executive of Conviviality, said: "These strong results demonstrate our competitive advantage, the broad customer base we have developed and the robust nature of Conviviality as the UK's leading drinks wholesaler, distributor and solution provider to our customers.
“We have successfully restructured to create three business units Conviviality Direct, Conviviality Retail and Conviviality Trading, each providing our customers and franchisees with unrivalled range, expert service and advice to meet their customer needs whilst providing our suppliers with unmatched access to routes to market across both the on and off trade.”
Conviviality said it saw a 6.1% increase in group sales in November and December and a 2.1% increase in retail like-for-like sales for the six weeks ended 1 January.
Hunter added: "The recent acquisitions have resulted in Conviviality being well positioned in its market with a resilient business model that provides unique positioning for its suppliers and customers. We are also pleased to report that the group continues to trade in line with expectations for the full year."
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