Profits jump at Conviviality

Kasmira Jefford
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BARGAIN Booze’s owner Conviviality Retail yesterday posted a jump in profits in its first annual results as a listed company, although the closure of 61 loss-making stores hit sales.

Pre-tax profits before exceptional items jumped 31.5 per cent to £9.3m while revenues were down 4.3 per cent to £355.7m after closures wiped £15.7m off sales. The group said store closures will slow to 30 next year while openings will rise to around 60.