McColl's Retail Group plc Full Year Trading Update (2661W)
December 10 2019 - 1:00AM
UK Regulatory
TIDMMCLS
RNS Number : 2661W
McColl's Retail Group plc
10 December 2019
McColl's Retail Group
Full Year Trading Update
Convenience retailer McColl's Retail Group plc today announces
its trading update for the 52 week period ended 24 November
2019.
Financial headlines:
-- Total revenue down 1.9% for the full year, reflecting store
divestments as we progress with our store optimisation
programme.
-- Total like-for-like(1) sales level year-on-year (2018: down 1.4%).
-- Adjusted EBITDA for FY19 expected to be GBP32m, marginally
below expectations as a result of softer market conditions in H2
due to unseasonable weather and lower consumer confidence.
-- Continued progress with debt reduction programme with net
debt down to GBP94.1m (2018: GBP98.6m).
Operational highlights
-- Continued operational progress with improved on-shelf
availability and advancement of category review programme.
-- Trialling new propositional enhancements including a scalable
food-to-go format, last-mile delivery with Uber Eats and improved
customer segmentation of the estate.
-- Strengthened leadership team with the appointment of Robbie
Bell as Chief Financial Officer and Richard Crampton as Chief
Commercial Officer.
Jonathan Miller, Chief Executive, said:
"While 2019 has been another challenging year for the business,
we have made good progress against our goals of operational
stability and good retail execution. We are also pleased to confirm
that we have continued to reduce net debt, with further progress
anticipated due to our ongoing capital discipline.
"The fundamentals of the convenience channel are strong and we
remain a resilient, profitable and cash generative business. We are
confident in our plans to rebuild momentum in 2020, and look
forward to providing a fuller strategy update at our Preliminary
Results in February."
(1) Like-for-like sales reflect sales from stores that have
traded throughout the current and prior financial periods, and
sales include VAT but exclude sales of fuel, lottery, mobile phone
top up and travel tickets.
Enquiries
Please visit www.mccollsplc.co.uk or for further information,
please contact:
McColl's Retail Group plc Media enquiries:
Jonathan Miller, Chief Executive Headland
Robbie Bell, Chief Financial Officer Ed Young, Rob Walker,
Charlie Twigg
+44 (0)1277 372916 +44 (0)20 3805 4822
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse
Regulation (EU) No 596/2014
LEI: 213800R1TLR536P8YJ67
Notes to editors
McColl's is a leading neighbourhood retailer operating McColl's
branded convenience stores as well as newsagents branded Martin's
across the UK, except in Scotland where we operate under our
heritage brand, RS McColl. Our dedicated colleagues serve five
million customers every week, and we are the largest operator of
Post Offices in the UK.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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