Convenience Shop (Holding) plc registers strong interim financial results
The group achieved a turnover of €22.5 million during the first half of 2023
The Convenience Shop (Holding) plc has reported a robust performance in its interim financial results for the period between January 1 and June 30, 2023. The group says these results reflect its dedication to growth, efficiency and customer centricity.
The group achieved a turnover of €22.5 million during the first half of 2023, marking a 16 per cent increase compared to the same period in 2022. This strong growth was a result of the shop sales recovery post the COVID era, enhanced margins through supplier mix and effective containment of overheads, the group said.
Gross profit as a percentage of sales expanded by 1.4 percentage points to 14.5 per cent, equivalent to €711,000 in absolute terms. Furthermore, the group’s operating profit reached €1.6 million, representing 6.9 per cent of turnover, a notable improvement of 0.9 percentage points over the first half of the previous year. Profit before tax surged to €1.4 million, signifying a substantial 57 per cent increase or €515,000.
As of June 30, the group’s total assets stood at €36.5 million.
The company upheld its commitment to meeting all obligations to suppliers and stakeholders while achieving significant progress in enhancing its liquidity ratio, which increased from 0.7 at the end of 2022 to 0.9 at the end of last June.
Over the upcoming months, the group plans to maintain and augment profitability by seizing new shopper opportunities. With 88 outlets currently operational, the group will continue expanding its franchise network by the end of 2023. Additionally, the group is investing €1.8 million in state-of-the-art refrigeration equipment, air-conditioning, shop shelving and machinery to further equip its outlets.
After the annual general meeting held on July 21, the company disbursed a net final dividend of €1 million for the financial year 2022. For the first half of 2023, the directors are declaring a net interim dividend of €462,000 (equivalent to €0.015 per share), reflecting a substantial 54 per cent increase over the dividend declared in August 2022.
For more information, download the interim report from www.theconvenienceshop.com/wp-content/uploads/2023/08/Half-Yearly-Report-2023.pdf.