Out of the red: Majestic Wine back in the black despite tough backdrop

Majestic Wine has swung to a full-year profit, but warned trading was getting harder as retail woes show no sign of letting up. The chain, which has 210 branches in the UK and two in France, recovered to an annual profit of £8.3 million for the 12 months to 2 April, against losses of £1.5m the previous year. It said that on an underlying basis, pre-tax profits rose 63 per cent to £17.2m on revenues 4 per cent higher at £477.7m. But chief executive Rowan Gormley (pictured above) said trading had worsened since the year-end.