April 17, 2018 / 6:10 AM / 4 months ago

BRIEF-Majestic Wine says trading in line, plans more investment

April 17 (Reuters) - Majestic Wine PLC:

* FY18 UPDATE - TRADING IN LINE WITH MARKET EXPECTATIONS:

* SALES ON TRACK TO HIT £500M SALES TARGET IN 2019

* FY18 ADJUSTED EBIT EXPECTED TO BE IN LINE WITH MARKET EXPECTATIONS*

* DIVIDEND EXPECTED TO BE IN LINE WITH MARKET EXPECTATIONS FOR FY18*

* GROUP INTENDS TO INCREASE INVESTMENT IN NEW CUSTOMER ACQUISITION IN FY19:

* WE WILL INVEST AN ADDITIONAL £9M TO £12M, OF WHICH £7M TO £10M IS DIRECTED AT GROWTH AND £2M WILL ENSURE WE DRIVE GROWTH SAFELY

* THIS WILL REDUCE ADJUSTED EBIT IN FY19 BY £2M TO £3M (VERSUS FY18), BUT INCREASE ANNUAL GENERATION OF FUTURE VALUE FROM £48M TO £80M+ A YEAR Source text for Eikon: Further company coverage: (Reporting By UK Bureau)

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