17th Nov 2021 12:11
(Alliance News) - McColl's Retail Group PLC on Wednesday said it expects to post significantly lower results than initially anticipated for its current financial year.
The Brentwood, England-based convenience shop and newsagent operator said its adjusted earnings before interest, tax, depreciation and amortization for the 52 weeks to November 28 is seen in the range of GBP20 million to GBP22 million. For financial 2020, the company posted adjusted Ebitda of GBP29.1 million.
"It is disappointing to see supply chain issues worsen through the second half, but external factors have not eased, and continue to impact much of the UK economy. We are working collaboratively with our wholesale partner Morrisons to restore in-store product availability as quickly as possible," said Chief Executive Jonathan Miller.
McColl's highlighted that its Morrisons Daily stores - for which it partners with recently delisted Wm Morrison Supermarkets PLC - continue to deliver strong performance, with revenue growth significantly ahead of the rest of the estate, driven by a high grocery mix and wider product choice for customers.
McColl's shares were trading 13% lower in London on Wednesday at 15.68 pence each, having fallen earlier as far as 11.58p.
The company will report its full-year results on December 8.
By Evelina Grecenko; [email protected]
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