CVR Conviviality

TIDMCVR

RNS Number : 5905H

Conviviality PLC

13 March 2018

13 March 2018

Conviviality Plc

("Conviviality", the "Company" or the "Group")

Update to announcement

Conviviality Plc (AIM: CVR), the UK's leading independent wholesaler and distributor of alcohol and impulse, serving customers through its franchised retail outlets and through hospitality and food service, is providing a further update to the announcement released on 8 March 2018 (the "Announcement").

Further to the Announcement, the Company can confirm that the prevailing market expectations for adjusted EBITDA at the time of the Announcement were a range of GBP69.1 million to GBP70.5 million. Based on the guidance provided that the Company expects adjusted EBITDA for the current year to be approximately 20% below market expectations, the Company confirms an expected range of adjusted EBITDA of GBP55.3 million - GBP56.4 million.

This expectation reflects the trading of the Company for the current financial year to the date of the Announcement combined with the current expectation for the likely trading performance of the business for the remainder of the current financial year. This includes, as set out in the Announcement, 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.

In addition, the Company can confirm that the reference to the material error in the financial forecasts of the Conviviality Direct business in the Announcement related to an arithmetic error in the compilation of the forecast.

 
 Enquiries: 
 Conviviality Plc                   Tel: 01270 614 
                                     700 
 Diana Hunter, Chief Executive 
  Officer 
 Mark Moran, Chief Financial 
  Officer 
 
 Investec (Nominated Adviser        Tel: 020 7597 
  and Broker)                        5970 
 Garry Levin / David Flin 
  / Daniel Adams 
 
 FTI Consulting                     Tel: 020 3727 
                                     1000 
 Jonathon Brill / Georgina Goodhew / Fiona Walker 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

March 13, 2018 09:06 ET (13:06 GMT)

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