Friday, August 12, 2022

Bargain Booze owner Conviviality posts skyrocketing sales and profits

Bargain Booze parent company Conviviality has had a highly profitable year, according to its latest full year report for the 53 weeks to May 1.

The company, which also owns the Wine Rack name, saw group sales soar by 137 per cent to £864.5 million in that period – mostly because of its acquisition of drinks supplier Matthew Clark in October.

The business’m adjusted pre-tax profits also sky rocketed by 124 per cent to £21.7 million.

Conviviality also stated the £60 million takeover of Bibendum also helped boost the company’s performance, alonside implementing a new management structure and opening 126 new stores and closing 34 to bring its estate portfolio to 716.

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In the company’s retail division, adjusted EBITDA rose 0.7 per cent to £14.6 million, while sales edged up 0.8 per cent to £366.9 million.

Meanwhile, like-for-likes from its franchise stores fell 1.3 per cent across the year, a slight improvement of the 1.7 per cent decline in the previous financial year. 

“We look to the year ahead with a stronger and more resilient business able to thrive in uncertain economic times,” Conviviality chief executive Diana Hunter said.

“It is our intention to continue to deliver against our integration plan during the year, ensuring the benefits are realised from our transformational acquisitions. 

The performance of the businesses is encouraging, with the team‘s relentless focus on serving their customers well and supporting franchisees in the retail business evidenced by the consistent delivery of results.”

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