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Profits slump at Majestic

Profit before tax down 55.8 per cent to £7.4m (2008: £16.7m) after non-cash impairment charge of £5.3m.

CITY & CORPORATE

Profits slump at Majestic

Profit before tax down 55.8 per cent to £7.4m (2008: £16.7m) after non-cash impairment charge of £5.3m.

The impairment charge of 5.3m was taken against the carrying value of goodwill of the French bus
iness, Wine and Beer World which has seen a decline in sales as customers have been discouraged from travelling due to the strength of the euro.For the 52 weeks ended 30 March 2009 underlying profit before tax fell to 12.7m from 16.4m the year before. Total sales increased by 2.4 per cent to 201.8m. UK like for like sales for the ten weeks from 31 March to 8 June 2009 were up 2.0 per cent. Commenting on the results Steve Lewis, Chief Executive of Majestic, said: 'The resilience of our core consumer business is encouraging, our market share has held steady and we are confident that Majestic is well positioned to benefit from any upturn in the economy'

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