22nd Jul 2014 08:57
LONDON (Alliance News) - McColl's Retail Group PLC said it remains on track to meet expectations for its full year, as it split the role of chairman and chief executive in a board shuffle.
Chairman and Chief Executive James Lancaster will give up the chairman role, whilst Deputy Chairman John Coleman will become non-executive chairman. Meanwhile, Chief Operating Officer Martyn Aguss has resigned and will be succeeded by Operations Director Dave Thomas.
The newsagent and convenience store operator proposed a maiden interim dividend of 1.7 pence. McColl's said that its dividend policy is to target a payout of around 50% of profits before exceptional gains and after tax.
The company posted a pretax loss of GBP4.0 million, widened from GBP2.5 million in the previous year, as revenue rose to GBP444.2 million from GBP428.6 million, although this was offset by higher cost of sales and GBP6.2 million in exceptional costs relating to its recent initial public offering and a share charge.
McColl's said that since its IPO in February it had continued to make progress with its store conversion and expansion strategy, opening its 750th store in June. It said it was on track for its target of 1,000 convenience stores by the end of 2016.
The company is also focused on expanding its products and services, and has begun the roll out of Post Office 'local' sites within its stores.
McColl's said its market remains competitive, with increasingly value-concious customers. It will continue to focus on growing its convenience store business, and further strengthen its position in independent neighbourhood retailers.
McColl's said it has completed its post IPO debt refinancing, and reduced its net debt to GBP36.3 million as at May 25 compared to GBP49.8 million November 24, 2013.
Shares in McColl's were trading up 0.2% at 168.33 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Mccoll's