StockMarketWire.com - Majestic Wine has swung to an H1 reported pretax loss of &pound4.4m, from a year-ago profit of &pound4.3m.

Interim dividend was 1.5p a share, from nil.

Revenue improved to £205.6m, from £181.6m.

CEO Rowan Gormley commented that the company's plan was working.

"We said that we would deliver sustainable growth, not by opening more stores, but by investing in better customer service and better customer retention," he said in a statement.

"Both of these are working - sales are up over 10% and the projects driving that sales growth, like nationwide next day delivery, are on time and on budget.

"Now that we have built a solid platform for future growth, future cost growth will be much lower.

"We are reiterating our commitment to hitting our goal of delivering £500m sales by 2019, and we believe that will translate into healthy profit growth now that the step change in investment is complete.

"We are reinstating the dividend as a signal of our continued confidence in the plan."



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