David BurrowsMajestic Wine, the UK national wine merchant, reports that its half-year adjusted pre-tax profit rose to £6.8m.
The groups, Naked Wines business, which funds independent winemakers to make exclusive wines at preferential prices, posted adjusted earnings before interest and tax of £4.72m, compared with a £2.78m loss just a year ago.
Total adjusted pre-tax profit rose to £6.8m for the half year to beginning of October, from a mere £51,000 a year ago. Revenue rose 5.7% to £217.4m.
Majestic, which has 210 wine warehouses across the UK 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.
Majestic bought Naked Wines in a £70m deal back in 2015. The thinking behind the deal was that it would combine Naked Wines' online and e-commerce skills with Majestic's national store network.