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Interim Results

McColl's Retail hikes H1 pretax profit

27 July 2016 09:22

McColl's Retail has hiked its H1 pretax profit to £8.1m, from £7.6m. Interim dividend was maintained at 3.4p a share.

CEO Jonathan Miller said:

"I am pleased to report marked strategic progress and a robust financial performance in what has been another challenging period for the sector. Total sales were ahead by 2.2% and profit before tax was up 8.1% to £8.2m.

"We are committed to enhancing our convenience proposition through growing market share, developing our product ranges and delivering great customer service.

"I am especially pleased that we have been successful in the transformational acquisition of 298 Co-operative stores, announced on 13th July 2016. This is a pivotal moment for the business and allows us to accelerate our growth ambitions and considerably increase our neighbourhood presence.

"We are confident that our position as a leading neighbourhood retailer will allow us to deliver sustainable returns for shareholders. The business is well placed to make further progress in the second half and we remain on track to achieve results in line with the Board's expectations for the financial year."

HIGHLIGHTS:

· Total revenue up 2.2% to £469.2m (2015: £459.3m).

· Like-for-like (LFL) sales1 down 2.2%: LFL performance in recently acquired and converted stores2 up 1.0%; LFL sales in premium convenience and food and wine stores down 1.5%; LFL sales in newsagents and standard convenience stores down 3.7% as a result of continued pressure on traditional categories.

· Operating profit before exceptional items3 of £9.6m (2015: £9.6m).

· Profit before tax up 8.1% to £8.2m (2015: £7.6m).

· Adjusted EBITDA4 marginally down to £16.0m (2015: £16.2m).

· Earnings per share up 8.9% to 6.1p (2015: 5.6p).

· Net debt decreased to £42.3m (2015: £47.3m).

· Interim dividend per share maintained at 3.4p (2015: 3.4p) representing an increased total cash payment over an enlarged share capital.

· On track to achieve results in line with the Board's expectations for the financial year.

At 9:22am: (LON:MCLS) Mccolls Retail Group Plc share price was -0.37p at 147.63p

Story provided by StockMarketWire.com

Related Company: MCLS

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