UK: H1 pre-tax profits surge at Majestic

UK wine retailer, Majestic Wine, posted pre-tax profits for the 26 weeks to the end of September of £2.61m, representing a 66% increase from £1.57m in the first half of the previous year. Majestic also reported that its profit before tax and amortization rose from £1.6m to £2.8m.

Turnover rose by 28% from £44.37m to £56.75m. The company said that sales growth had continued into the second half of the year, with like-for-like sales in the six weeks from the beginning of October up by 10.7%.

Majestic Wine's CEO, Tim How, said the group had benefited from opening four wine warehouses in France, in Calais, Cherbourg and Le Havre, in a bid to capitalise on the cross-Channel shopping market.

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