- Majestic Wine said it would invest an additional £9m-to-£12m in its business in the 2019 financial year, causing a short-term reduction in earnings.

The investment would reduce adjusted earnings before interest and tax in that financial year by £2m-to-£3m.

However, the company said the spending would increase 'annual generation of future value' from £48m to £80m-plus a year.

'The opportunity to invest in new customer acquisition is materially bigger than previously thought and the board believes there is potential over time to double from the current level,' Majestic Wine said.

For the current financial year, the company said adjusted operating earnings and the dividend were in line with expectations.

Sales were on track to hit £500m sales in 2019, it added. At 8:03am: [LON:WINE] Majestic Wine PLC share price was -18.25p at 378.75p

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