McColl’s has posted a spike in full-year revenues as its acquisition of almost 300 Co-op stores pushed top-line sales through the £1bn barrier.

The convenience specialist said total revenues jumped 19.1% across the 52 weeks to November 26 and advanced at the even quicker rate of 28.9% in its fourth quarter.

However, like-for-like sales edged up just 0.1% across the 12-month period, driven by performance within its c-store formats.

Like-for-like sales in newsagents dipped 0.2% during the year.

In its fourth quarter, McColl’s said like-for-likes fell 1.1% across its estate, impacted by “declining traditional categories” and “unfavourable weather”.

But the business hailed the performance of recently acquired and refitted stores during the final 13 weeks of its financial year, in which like-for-likes climbed 1.3%.

Same-store sales across those same properties were up 2.4% across the year.

McColl’s continues to focus on revamping its estate and completed 25 convenience store refresh projects during its second half.

It plans to refit a further 100 shops in its 2017/18 financial year.

McColl’s boss Jonathan Miller said: “McColl’s is well positioned to continue to take advantage of the growing convenience market, with clear opportunities to enhance organic growth across our estate, as well as continued expansion through our acquisition programme.

“As we look ahead to next year, we will focus on delivering an enhanced customer offer in over 1,300 stores through the groundbreaking wholesale partnership we signed with Morrisons, which will see us launch hundreds of Safeway branded products, exclusively in McColl’s from January 2018.

“We will also extend our successful convenience store refresh programme to 100 more stores next year. Customer feedback remains very positive and the early performance of refreshed stores has delivered significant increases in footfall and sales, and increased uptake of higher margin convenience categories, including fresh and chilled food.”

McColl’s said it was “sad and disappointed” about the collapse of former supply partner Palmer & Harvey, which tumbled into administration last week.

It has already penned a short-term supply deal with Nisa as it bids to “minimise any potential impact on customers”.

McColl’s said Palmer & Harvey previously supplied around 700 newsagents and smaller convenience stores within its 1,600-storng estate.

Nisa interim chief executive Arny Misra said: “I’m very pleased that Nisa has been selected by McColl’s to further support them at this crucial time.

“We have a highly flexible distribution model that enables us to scale quickly to members needs and as demand dictates.

“As a result, we will continue to manage both existing and new members without impacting our traditionally high levels of service, especially over the peak trading period.”