Convenience store chain Nisa has revealed positive half-year trading results following its efforts to rebuild the business from the trading loss of its previous financial year.
The retailer announced the management team’s predictions of an eventual profit of £7.2m for the full financial year.
The business has been lifted by recent contract acquisitions including the £1bn five year agreement with My Local stores and a five year £250m contract extension with Ramsden International.
In addition, the retailer has announced that is has secured an extension of 24 months with its bank facility with partner Barclays to support its supply contract for the new My Local businesses.
“The last financial year was not a good one, but we put in place robust measures to ensure Nisa would not suffer again this year. It was imperative that we returned the business to profitable growth and that has very much been the focus of the team at the MSC. It is pleasing to see the business performing more strongly and I am confident that our end of year target will be achieved” said Nisa Chief Executive Nick Reed.
“The renewed facility will allow Nisa to operate its business more efficiently and to plan for future growth,” added Nisa CFO Robin Brown. “After the company’s poor showing last year, the new management team has been keen to drive the business forward into profitable growth and the strength of our financial plan was appreciated by our bank.
The turnaround we have delivered in the first half of 2015/16 was recognised and the confidence in our business is demonstrated through the increased size of the facility and the length of the extension.”