Majestic Wine has today announced its FY2016 results, showing like-for-like sales are up by 4.8%, the first positive performance in four years.
Record sales have been delivered by Naked Wines up 27.3% to £104.3m on a pro-forma basis (£102.5m reported since acquisition), and £1m in Adjusted EBIT.
Adjusted Profit Before Tax stood at £15.0m, 30.3% lower year-on-year due to investment in transformation plan and acquisition borrowing costs.
Rowan Gormley (pictured), Group Chief Executive, commented, “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.
'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.”