Majestic Wine (MJW:AIM) - results underwhelm!
Full year results from the UK's largest wine specialist for the year ending 1st April 2013 were somewhat unremarkable, but MJW will always have its fans!
Group profit before tax increased by £0.5m to £23.7m on total sales down 2.1% to £274.4m largely due to a “managed reduction” in wholesale trade sales which were down by £12.7m to £5.8m (2012: £18.5m). Underlying sales excluding wholesale were up 2.6% to £268.6m and like for like sales in UK retail stores were up 1.0%. I acknowledge that it is a tough market so an ‘up’ is something! The total dividend for the year was up to 15.8p which is a modest 0.2p increase on the prior year. As always (and expected) operating cash flow was strong. The Group…