The Convenience Shop (Holding) p.l.c., Malta's leading convenience retailer, held its Annual General Meeting on July 21, marking a significant milestone for the company as a publicly listed entity on the Regulated Main Market. The meeting provided an opportunity for shareholders, distinguished guests, and colleagues to gather and reflect on the achievements of the past year and outline the company's vision for the future.
During his speech, chairman Ben Muscat reflected on the company’s journey from a small retail chain to a professionally run operation that has become a respected and reliable business partner. He expressed gratitude to the visionary investors who believed in the potential of the company and reinvested profits into business expansion and modernization. The chairman highlighted the company's commitment to corporate governance and its strong financial performance, with a profit before tax of €2.6 million, representing a remarkable 63 per cent increase from the previous year.
The chairman acknowledged the trust and confidence of the shareholders, pledging to strive for consistent returns, enhance shareholder value, and maintain transparency and accountability in all operations. He also expressed optimism for the future, stating that The Convenience Shop Group is well-positioned to capitalize on the abundant opportunities that lie ahead.
During the AGM, Chief Executive Officer, Martin Agius gave an overview of the company’s business performance whilst acknowledging the remarkable year that The Convenience Shop Group experienced in 2022. Despite operating in a recovering post-COVID-19 economy, the Company delivered outstanding financial performance, with Group EBITDA increasing by €1 million, marking a remarkable 33 per cent increase, and total franchise revenue reaching €74.5 million, an 18 per cent increase from the previous year. These impressive results were achieved through a clear strategic focus on driving growth, expanding the franchise network, enhancing relationships with suppliers, and optimising revenue opportunities.
Agius emphasized the crucial role of the dedicated and talented team members who were the driving force behind the company's success. He expressed his heartfelt gratitude to the employees and highlighted the company's commitment to being an employer of choice by investing in their development and creating a culture of innovation and customer-centricity.
Looking ahead, the CEO noted that 2023 will be a year of further growth and financial improvement for the company. The Group will open further outlets in 2023 including a new flagship store within the new head office building which is targeted to open by the end of October. The Convenience Shop will also kick off its partnership with National Lottery in September. The company will remain committed to enhancing financial performance and creating long-term value to its shareholders.
The CEO also outlined the company's vision for the future, which includes expanding the retail footprint through organic growth and strategic partnerships. The goal is to open new stores in untapped markets and reach a significant milestone of 100 shops by mid-2024. Additionally, the Convenience Shop Group aims to enhance its online presence, invest in category development, drive operational efficiencies, and explore international expansion opportunities by 2025.
The Convenience Shop Group's dedication to sustainability and corporate responsibility was also emphasized during the Annual General Meeting. The company aims to reduce its environmental footprint through initiatives such as energy efficiency, waste reduction, and responsible sourcing, while making a positive impact on the communities it serves.
The 2022 Annual Report and Consolidated Financial Statements, which can be accessed here.