- Majestic Wine has reported a FY pretax loss of £1.5m, from a profit of £4.7m, and separately said that chairman Phil Wrigley will step down in August.

The company's adjusted pretax profit for the year was £12.9m, from £15,0m. Final dividend per share was 3.6p, from 0.0p.

CEO Rowan Gormley said that, operationally, the company was through the most risky and cost-intensive phase of its transformation plan.

"We have a business that is better able to weather the uncertain trading environment, with a sustainable growth model, the big strategic questions answered, a better paid and rewarded workforce and more effective systems and processes," said Gormley.

"We remain confident about the medium term outlook, despite tough economic conditions, as transformation benefits are coming through and our costs are naturally coming down as a result of us reaching the next stage of the transformation plan," he said.

Majestic Wines thus reiterated its £500m sales goal by 2019 and affirmed current analyst profit expectations.

Its website revealed these included adjusted pretax profit of £16.2m in FY 2018, and £19.4m in FY 2019.

Meantime, Majestic Wine said that non-executive director Greg Hodder would be appointed as chairman-designate with immediate effect, formally taking over from Wrigley at the conclusion of the AGM.

Non-executive director Ian Harding would be appointed senior independent director with immediate effect. "An external search process is now underway to appoint an additional Non-Executive Director to add further experience to the Board."

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