Conviviality profits double

PROFITS at Bargain Booze owner Conviviality more than doubled last year as the drinks specialist restructured its business following a series of acquisitions, including wine specialist Bibendum and wholesaler Matthew Clark, writes Sam Dean.

In its results for the year ended April 30, Conviviality said profits before tax rose to £22.5m, up from £9.1m in the previous year. Revenues soared by 85pc from £841m to £1.56bn. The strong trading has also continued since year end, with sales up 9pc for the nine weeks ended July 2, compared to the same period last year.

Shares closed up 4.6pc at 332.75p.