McColl's FY earnings to miss expectations after 'softer' H2

In an update for the year to 24 November, the convenience store chain said total revenue fell 1.9%, reflecting store divestments, while like-for-like sales were flat versus a 1.4% drop the year before.

Adjusted earnings before interest, tax, depreciation and amortisation for 2019 were set to come in at £32m, below expectations due to "softer" market conditions in the second half.

Chief executive Jonathan Miller said: "While 2019 has been another challenging year for the business, we have made good progress against our goals of operational stability and good retail execution. We are also pleased to confirm that we have continued to reduce net debt, with further progress anticipated due to our ongoing capital discipline.

"The fundamentals of the convenience channel are strong and we remain a resilient, profitable and cash generative business. We are confident in our plans to rebuild momentum in 2020 and look forward to providing a fuller strategy update at our preliminary results in February."

At 1120 GMT, the shares were down 3.5% at 39.90p.