Majestic wine toasts profits rise

Majestic Wine has seen a 20 per cent rise in half-year profits, as customers have bought more expensive wines.

The company made pre-tax profitS of £8.8m in the year to 26 September, compared with £7.3m a year earlier.

Its like-for-like sales rose 2.7 per cent while revenues jumped nine per cent to £127.8m.

The company said that sales of still wines costing £20 or more per bottle rose by one-fifth from a year ago.

Majestic chief executive Steve Lewis said the company was "very well prepared for the important Christmas trading period".