Drinks retailer Majestic Wine has reported its full year results have stayed in line with the company’s three year transformation plan.
Figures show that full year sales shot up 41.3% from £284.5 million last year to £402.1 million this year and profits before tax increase 74.5% year-on-year. With a positive performance, the business’s like-for-like sales rose 4.8%. Other figures show that Naked Wines which was recently acquired by the group logged a sales increase of 27.3% to £104.3 million on a pro-forma basis.
The drinks business noted positive progress it the first year of its three year transformation plan which aims to deliver £500m in annual sales by 2019.
Group chief executive at Majestic Wine, Rowan Gormley, said: “We have taken the first step on a long journey – it was a good start but it is just the first step. Early signs are that the plan is starting to work. Strong sales figures reflect the hard work being done on the ground by the whole team."
"The management re-organisation is now complete, I am delighted with the teams we have in place across the Group. At Naked Wines we had a belter of a year – breaking through the £100m sales barrier and delivering a maiden profit.
"We still have lots to do and although we are on course to deliver our three year plan, it won’t be without challenges. Trading conditions remain tough in the UK especially, and we expect them to stay that way. Volatile currency movements will push up cost of goods. We are implementing a new supply chain and IT system, both of which are complex projects.
"Our plan however remains unchanged, as does our goal - £500m sales by 2019.”
