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Annual Results

McColl's Retail lifts FY pretax profit

01 March 2016 07:50

McColl's Retail has lifted its FY pretax profit to GBP21.1m, from GBP12.6m, with total revenue rising to GBP932.2m, from GBP922.4m. Proposed final dividend was 6.8p a share, taking the total to 10.2p, from 8.5p.

CEO James Lancaster said the results were in line with expectations.

"In a challenging market we have grown sales and improved profits, at the same time we continue to deliver on our strategy of evolving our store portfolio.

"This year will see us reach 1,000 convenience stores, 50% more than we operated just four years ago. Additionally, we will extend and expand the range of products and services we provide to neighbourhoods across the country, at the most convenient times.

"McColl's is a business which can continue to grow and deliver for customers, colleagues and shareholders."

CURRENT TRADING AND DEVELOPMENTS

"Total LFL sales were down by 1.8% in the 13 week period ended 28 February 2016, in line with the previous quarter.

"Within this our premium convenience and converted food and wine stores continued to show stronger performance being down by 1.1%, whereas our newsagents and standard convenience stores were down by 3.1%.

"LFL sales in our 2014/2015 conversions and acquisitions (that have traded for 12 months) were ahead 0.4%, an endorsement of our development programme. Total revenue for the quarter continued to grow strongly, increasing by 2.7%.

"In the first quarter we reached the important milestone of 900 convenience stores, with the opening of our Kemnay store in Aberdeenshire.

"Although store development activity tends to be quieter over the Christmas trading period we completed 12 convenience store acquisitions, 7 food and wine conversions and reached a closing store base of 1,360 including 911 convenience stores."

Story provided by StockMarketWire.com

Related Company: MCLS

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