Majestic Wine (AIM:MJW) – Mr Gormley has a nice little business to work with
Full year results from the UK's largest wine specialist released today don’t look that ‘rosé’ at first glance. However, with much of the bad news already anticipated, they also show how new Chief Executive Rowan Gormley has a cracking little business in which to inject some online magic.
Revenue was up 2.3% to £284.5m and like for like sales in UK retail stores up 1.9% (2014: -0.1%). Group profit before tax declined to £18.4m (2014: £23.8m) with the biggest impact largely through higher Administrative costs which rose 31.4% to £18.5m and included £1.8m acquisition costs and £0.7m of termination payments.
Group cash flow generated from operations was a warming £32.9m (2014: £23.6m) with the improvement arising largely due to timing differences.
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