StockMarketWire.com - Majestic Wine's reported pre-tax profit is back in the black at £3.1 million for the 26 weeks to 2 October compared with a loss of £4.4 million the year before.

This was driven by Naked Wines achieving profitability in all three geographical markets, and continued profitable sales growth in Majestic Retail.

Adjusted pre-tax profit rose by £6.7m to £6.8m from breakeven a year earlier.

Sales increased by 5.7%, or 4.2% on an underlying basis, and are on track to hit the £500m target by 2019 and current market expectations.

The interim dividend has been increased by 33.3% to 2p per share.

Rowan Gormley, group chief executive, said: "Two years in and profits are growing, our foundation is solid and we are ready to accelerate growth. We have the opportunities to invest in new customers and a team excited to focus on what they do best. It's time to put our foot on the gas."

Full year results are expected to be in line with current market expectations.

The company aims to increase the rate of sales growth in the medium term, by steadily increasing investment in new customer acquisition.




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