Profits down at McColl’s

Profits at McColl’s fell last year after the convenience chain took a hit from its recent acquisition of 298 Co-op stores.

The group said pre-tax profits after exceptional items fell 16.1% to £17.7 million after being stung by a £3.1m charge linked to the deal.

Nevertheless, sales rose 1.9% to £950.4m, its sixth consecutive year of revenue growth, and the group said the integration of the stores into its network is “on track”.

Profits fell to £17.7m.