28th Feb 2020 15:19
(Alliance News) - McColl's Retail Group PLC said Friday it has amended the maturity date of its bank facilities to May 2022.
McColl's began the discussions on late 2019.
"The amended facility terms will give us more certainty and flexibility to execute our strategic initiatives in 2020, and beyond," the retailer said.
Shares in McColl's were down 6.8% in London on Friday afternoon at 33.05 pence each.
On Wednesday, McColl's turned to an annual loss on a decline in revenue reflecting store closures, leading to a suspended final dividend.
For the year ended November 24, McColl's posted a pretax loss of GBP98.6 million, compared to a pretax profit of GBP7.9 million, due to a one-off, non-cash goodwill impairment of GBP98.6 million, alongside other items.
On an adjusted basis, pretax profit dropped by 30% to GBP7.3 million from GBP10.5 million.
Revenue declined by 1.8% to GBP1.22 billion from GBP1.24 billion the prior year, while like-for-like sales remained level, compared to a decline of 1.4% in 2018.
In line with its deleveraging policy, McColl's has suspended its final dividend payout for the year, as the group looks to reduce its debt.
As a result, the total dividend for the group is at 1.3p, down from 4.0p the prior year.
By Paul McGowan; [email protected]
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