Convenience retailer McColl’s says it is pleased with how life as a public company has begun after sales rose 3 per cent from 25 November 2013 to 6 April 2014.
Like-for-like sales inched up 1.4 per cent as the group completed its post-IPO refinancing.
McColl’s, which floated at 191p a share on 25 February, slipped by 6 ½p to 184 ½p as it reduced its debt levels. It also reduced gross bank borrowings by more than half to £60.9m.
“Trading figures remain encouraging and we are making good progress on our strategy to further enhance our position in a rapidly growing convenience market,” commented James Lancaster, Chairman and Chief Executive Officer.
The group acquired 10 new premium convenience stores in the period and converted a further 93 standard convenience stores into premium convenience stores by adding a wider range of groceries.
It said it had the potential to convert a “substantial number of newsagents” to food and wine stores, while an agreement with the Post Office will see it complete 191 local style post office conversions during 2014.