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Majestic on track in first half

Majestic saw its adjusted pre-tax profit rise from £6.7 million to £6.8 million in its first half. Statutory pre-tax profit was £3.1 million compared to a £4.4 million loss in the same period last year.

FOOD & DRINK

Majestic on track in first half

The company said the result was driven by Naked Wines achieving profitability in all three geographical markets, and continued profitable sales growth in Majestic Retail.

Sales were up 5.7%, or 4.2% on an underlying basis, in the six month period and are expected to hit the company’s £500 million sales target by 2019.

Rowan Gormley, Majestic group chief executive, said: "The plan is on track. Two years in and profits are growing, our foundation is solid and we are ready to accelerate growth. We have the opportunities to invest in new customers and a team excited to focus on what they do best. It's time to put our foot on the gas.”

The company said it will look to increase sales in the medium term through investment in customer acquisition.

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