Bargain Booze owner issues second profit warning in less than a week

Bargain Booze owner Conviviality has stopped trading on London's junior market ahead of its second profit warning in less than a week.

The group, which also owns Wine Rack and direct wine suppliers such as Matthew Clark, suspended its shares on Aim this morning ahead of a further update.

It then released a statement noting that it had identified a £30m tax bill due at the end of March, which has not been accounted for in the company's cash flow.

This followed a profit warning last week in which Conviviality admitted an arithmetical error in its accounts, meaning its earnings would be £10m lower than expected.

That renewed estimate is now expected to be negatively affected and drop even further.

Two thirds of the company's market value was wiped off last week following the trading update.

Let's block ads! (Why?)