Conviviality shares hit as it issues update on profit warning

Conviviality shares hit as it issues update on profit warning

Conviviality shares hit as it issues update on profit warning

The troubled group, which saw its shares collapse last week following a profit warning, said on Wednesday that it has "identified a payment due to HM Revenue & Customs" falling due on 29 March which has not been accounted for within its short-term projections.

In its statement issued today Conviviality expanded on the reasons, saying its revised forecasts reflected "the trading of the company for the current financial year to the date of the [previous] announcement combined with the current expectation for the likely trading performance of the business for the remainder of the current financial year".

The group, which owns the Bibendum wine and drinks wholesaler, as well as retail stores Wine Rack and Bargain Booze, said that it had been hit with an unexpected £30 million tax charge that falls due on 29 March.

It said EBITDA was now expected to be in the range of £55.3 million to £56.4 million, below previously prevailing market expectations of between £69.1 million and £70.5 million.

"This includes the impact of the error in the financial forecasts of the Conviviality Direct business and the assumption that the margin weakness seen in January and February continues for the remainder of the current financial year", it said.

Conviviality added it "expected" its net debt to remain approximately £150m at that time.

Following a trading update last week, more than £300m was wiped off the company's value.

In January this year Conviviality reported a 13% drop in pre-tax half-year profits.

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