Updates

Majestic Wine

January 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

In the face of a tougher retail spending climate, Majestic Wine announced a creditable set of interims for the six months ended 26 September. Turnover was up 8.2% to nearly £81m, with pretax profit rising 18% to £5.9m and earnings increasing 18% to 5.8p.This strong performance came through a combination of a sharp rise in operating margins from 6.4% to 7.1%, reflecting the benefits of economies of scale and also through a 5.5% increase in like-for-like sales. The latter was achieved thanks partly to an increase in the average price of a bottle of still wine sold from £5.46 to £5.54 but also because customers traded up, with sales of fine wine (bottles priced at £20 or over) growing by 43%. This, in tu ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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