McColl’s seeks ‘stability’ as profits nosedive

McColls 1

McColl’s has posted a decline in profits at the interim mark despite an uplift in sales as boss Jonathan Miller says the group plans to “refocus on retail execution”.

The convenience store group, whose profits were hit by the collapse of Palmer & Harvey last year, recoded a 91% drop in pre-tax profit to £200,000 in the 26 weeks to May 26.

The retail group recorded a 19% fall in adjusted EBITDA to £13m, while total revenue inched up 0.1% to £611.1m, bolstered by a 1% rise in like-for-like sales.

McColl’s adjusted group margin during the period was 25.4%, compared to 26.1% the previous year.

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