Convenience Shop Group boasts financial performance for 2023: Revenue surges by 10% to €46.7m

Last Updated on Tuesday, 30 April, 2024 at 8:31 pm by Andre Camilleri

The Convenience Shop Group, Malta’s leading convenience retail chain, today announced outstanding financial results for the year ended 31 December 2023. The company reported a 10% increase in revenue to €46.7 million, driven by strong outlet sales growth and the expansion of its successful franchise model.

Profit before tax rose an impressive 14% to just under €3 million, while adjusted EBITDA climbed 15% to €4.6 million, reflecting the company’s focus on operational excellence and cost management.

The Convenience Shop Group’s strong performance is a testament to its unwavering commitment to creating value for customers, franchisees, and stakeholders alike. By leveraging its robust business model, strategic partnerships, and innovative solutions, the company continues to solidify its position as a market leader in the convenience retail sector.

“Our path is one of continuous growth and innovation,” says Martin Agius, Chief Executive Officer of The Convenience Shop Group. “Thanks to the dedication of our team and the trust of our customers, we look to the future with confidence. Together, we will redefine convenience for Malta and beyond.”

Alan Schembri, Chief Financial Officer, highlighted the company’s robust financial position: “We have observed continuous improvement in all financial KPIs, enhancing our profitability, liquidity and gearing ratios, thereby consistently achieving record results year on year.”

A major growth driver in 2023 was the expansion of The Convenience Shop’s retail network to 90 stores by year-end, providing more employment opportunities and greater convenience across Malta. The company also welcomed several new franchisees drawn by its powerful procurement capabilities and efficient business practices.

“Our franchise model continues to be a key driving force behind our success,” continues Mr Agius. “In 2024, we plan to implement a new Co-Existence and Co-Prosperity acquisition model to capture opportunities with existing grocery stores.”

And as a responsible corporate entity, The Convenience Shop continued its sustainability journey in 2023 by transitioning to biodegradable bags, upgrading refrigeration systems and investing in eco-friendly technologies. Further sustainable initiatives will be announced this year.

“We remain steadfast in our commitment to redefining convenience, exceeding customer expectations and creating sustainable value for all our stakeholders,” concludes Mr Agius. “With our innovative spirit and dedicated team, The Convenience Shop Group will continue solidifying its position as an industry leader.”

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