Updates

Conviviality Retail

August 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Conviviality has reported results for the full year to end April, a period where it continued to edit out some of the weaker performing franchised stores with 62 stores closed, the majority of which went during H1. It also bought 22 Wine Rack stores, leaving 595 stores. The impact of the store closures was only partly offset by a contribution from Wine Rack (£7.6m) and as expected sales were down from £372m to £356m. Adjusted pretax profit was £9.9m for eps of 11.6p. The final dividend is an eyecatching 6p, making 8p for the year. Clearly the quality of the residual estate has improved as per plan. Retail sales, which are the total sales to consumers by franchisees, amounted to £506.7m and average sales per store are said to be ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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