News that FY2018 profits will be second-half weighted overshadowed an otherwise strong first-half trading update from booze retailer and wholesaler Conviviality (CVR). The shares dropped nearly 4 per cent despite a reported 9 per cent improvement in half-year group revenues.
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Sales rose steadily across all three business divisions (retail, trading and direct), while net debt was also down year on year. However, reflecting the timing of certain cost savings, profits for the full year will be more second-half weighted.
