Leading convenience retail chain The Convenience Shop Group has reported a 10% increase in revenue in its financial results for the year ended December 31, 2023. Revenue increased to €46.7 million, driven by strong outlet sales growth and the expansion of its successful franchise model, the company said.
Profit before tax rose 14% to just under €3 million, while adjusted EBITDA climbed 15% to €4.6 million, reflecting the company’s focus on operational excellence and cost management.
By leveraging its robust business model, strategic partnerships and innovative solutions, the company continues to solidify its position as a market leader in the convenience retail sector.
“Our path is one of continuous growth and innovation,” Martin Agius, CEO of The Convenience Shop Group, said. “Thanks to the dedication of our team and the trust of our customers, we look to the future with confidence. Together, we will redefine convenience for Malta and beyond.”
Chief financial officer Alan Schembri highlighted the company’s robust financial position.
“We have observed continuous improvement in all financial KPIs, enhancing our profitability, liquidity and gearing ratios, thereby consistently achieving record results year on year,” he said.
A major growth driver in 2023 was the expansion of The Convenience Shop’s retail network to 90 stores by year-end, providing more employment opportunities and greater convenience across Malta. The company also welcomed several new franchisees drawn by its procurement capabilities and efficient business practices.
“Our franchise model continues to be a key driving force behind our success,” Agius continued.
“In 2024, we plan to implement a new Co-Existence and Co-Prosperity acquisition model to capture opportunities with existing grocery stores.”
And as a responsible corporate entity, The Convenience Shop continued its sustainability journey in 2023 by transitioning to biodegradable bags, upgrading refrigeration systems and investing in eco-friendly technologies.
Further sustainable initiatives will be announced this year.
“We remain steadfast in our commitment to redefining convenience, exceeding customer expectations and creating sustainable value for all our stakeholders,” Agius concluded.
“With our innovative spirit and dedicated team, The Convenience Shop Group will continue solidifying its position as an industry leader.”