November 23, 2017 / 7:09 AM / in a year

Majestic Wine first-half adjusted profit soars

(Reuters) - Britain’s Majestic Wine Plc (WINEW.L) said its half-year adjusted pretax profit rose to 6.8 million pounds as its Naked Wines unit registered a profit in all three geographies.

A glass of red wine is displayed at the Chateau La Louviere during the start of the Primeurs, a week of wine tasting, at the chateaux in Leognan, France, April 3, 2017. REUTERS/Regis Duvignau

The Naked Wines business, which funds independent winemakers to make exclusive wines at preferential price, posted adjusted earnings before interest and tax of 4.72 million pounds compared with a loss 2.78 million pounds, a year ago.

Total adjusted pretax profit rose to 6.8 million pounds for the 26 weeks ended Oct. 2, from 51,000 pounds a year ago. Revenue rose 5.7 percent to 217.4 million pounds.

Majestic Wines, which has 210 wine warehouses across Britain as well as two branches in France, said it expected full-year results to be in line with current expectations and added that it would look to boost sales in the medium term through higher investment in new customer acquisition.

Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier

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