Group Financial Highlights
Revenue up 137% to £864.5m (FY15: £364.1m)
Gross margin up 1.3% points to 11.5% (FY15: 10.2%)
Adjusted EBITDA1 up 135% to £30.2m (FY15: £12.9m)
Adjusted profit before tax up 124% to £21.7m (FY15: £9.7m)
Adjusted fully diluted EPS up 27% to 14.2p (FY15: 11.2p)
Free cashflow up 100% to £11.4m (FY15: £5.7m)
Debt reduction ahead of plan with net debt of £86.1m (FY15: net cash £1.2m) and bank leverage of 1.96 times reflecting the acquisition of Matthew Clark in October 2015.
Full year dividend up 14% to 9.5p (FY15: full year dividend 8.3p)
Operational Highlights
Completed transformational acquisition of Matthew Clark on 7 October 2015
New management team and organisational structure in place
Acquired Peppermint on 31 December 2015, which is performing in line with expectations
Post year-end, completed complementary acquisition of Bibendum PLB Group
Integration plan ahead of expectations for both Matthew Clark and Bibendum PLB Group
Conviviality Retail, Matthew Clark and Bibendum PLB have all traded well during the acquisition processes, and are in line with expectations
Conviviality Retail Highlights
0.8% increase in revenue for 53 weeks to £366.9m (FY15: 52 weeks £364.1m)
0.7% increase in adjusted EBITDA to £14.6m (FY15: £14.5m)
Franchisee like for like retail sales improved to (1.3%) (FY15: down 1.7%)
15% increase in stores to 716 as at 1 May 2016 (April 2015: 624)
38 new Franchisees joined the group.
42% increase in stores owned by multisite Franchisees to 364 (April 2015: 257)
Matthew Clark Highlights
4.9% increase in revenue from 7 October to 1 May to £497.0m (corresponding prior period £474.0m)
18% increase in adjusted EBITDA to £18.1m (corresponding prior period £15.3m)
2.9% increase in outlets supplied and new customers
Diana Hunter, Chief Executive Officer of Conviviality, said:
"These strong results reflect the hard work of our employees, Franchisees and suppliers. Our Franchisees in the Off-Trade and customers in the On-Trade remain at the heart of our business as we continue to work together to blend their entrepreneurial skill with the branding, ranging and wholesale expertise of Conviviality. The experienced management team in place, coupled with the well invested and compelling businesses with market leading expertise and current trading in line with expectations, gives the Board confidence for the future.
