Owner of Bargain Booze Conviviality Retail has seen share prices surge after a series of takeovers boosted profits and sales.

Revenues at the wine retailer increased 137pc to £864.5m in the 53 weeks to May 1. Adjusted pre-tax profit, which excludes acquisitios, surged 124pc to £21.7m, marginally ahead of expectations.

The group, which comprises Bargain Booze and Wine Rack, bought Britain’s biggest drinks supplier to pubs, Matthew Clark last year. It also acquired the Bibendum wine, spirit and beer distributor in May.

Diana Hunter, chief executive of Conviviality, said: "These strong results reflect the hard work of our employees, franchisees and suppliers.

“The experienced management team in place, coupled with the well invested and compelling businesses with market leading expertise and current trading in line with expectations, gives the board confidence for the future.”