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Majestic Wine toasts 26 per cent rise in profits

Majestic Wine has posted a profit before tax figure of £16m, up 117% from £7.4m in 2009

CITY & CORPORATE

Majestic Wine toasts 26 per cent rise in profits

Majestic Wine has posted a profit before tax figure of £16m, up 117% from £7.4m in 2009

Underlying profit growth was 26% after adjusting for last year's £5.3m reduction in the carrying value of their French business.

Total sales grew by 15.6% to £233.2m, against £210.8m in 2009, including £12.4m from Lay & Wheeler, the fine wine specialist Majestic acquired in 2009.

Like-for-like sales in UK retail stores were up by 8.4%. The Company will pay a final dividend of 7.5p net per share, bringing the total dividend for the year to 10.3p, an increase of 5.1% on last year. Current trading in the first 10 weeks of the new financial year has seen UK like-for-like sales up 7.3%.

Commenting on the results Steve Lewis, Chief Executive, said: "We are very encouraged by our ability to attract new customers which will allow us to continue to grow our market share.  While the UK economic outlook remains uncertain, we believe that Majestic is well positioned for future growth."

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