These half-year numbers from Bargain Booze owner Conviviality (CVR) have arguably been overshadowed by news of a proposed merger between grocery giant Tesco (TSCO) and wholesaler Booker (BOK). It's an interesting set of circumstances given the way Conviviality also spans retail and wholesale operations, albeit exclusively with alcohol as opposed to food. What's more, Conviviality supplies Tesco with its fine wine range. Chief executive Diana Hunter says she doesn't expect Conviviality's relationship with Tesco to change, should the merger go ahead, as the group has always operated "side by side" with Booker.
Mergers aside, Conviviality's own growth strategy appears to be working. Thanks to a string of acquisitions including Matthew Clark, Bibendum and Peppermint, revenues have stormed ahead. Even on an underlying basis, sales still managed a 4 per cent improvement in a challenging retail environment. Although these results only run up until the end of October 2016, the group enjoyed a good Christmas trading period: sales during November and December were 6.1 per cent ahead of last year, with each business unit performing well.