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The Convenience Shop (Holding) plc – Full-Year Results

Jonathan Falzon

May 2, 2025

2 May, 2025
4 min read
2 May, 2025
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 28 April 2025, The Convenience Shop (Holding) plc published its Annual Report and Financial Statements for the financial year ended 31 December 2024.

Revenue remained practically unchanged at €46.4 million as the Group experienced a challenging year amid a marked increase in competition in the retail fast moving consumer goods market, influenced by high inflation and increased competitive pricing

Operating costs increased by 2.6% to €44.4 million (2023: €43.3 million). The Company explained that it invested in its operating capacity in preparation for an expansion program that is expected to yield returns in 2025. Consequently, the operating profit slumped by 35.8% to €1.94 million (2023: €3.02 million) and the operating profit margin fell to 4.2% from 6.5% in the previous year.

After accounting for other income of €0.67 million, net finance costs of €0.97 million and a tax charge of €0.28 million, the company reported a net profit attributable to shareholders of €1.36 million, which is 48.1% lower than the €2.63 million reported in 2023, resulting in a return on average equity of 13.9% (2023: 30.2%).

In terms of financial position, total assets increased by 7.7% (or €3.0 million) to €41.8 million compared to €38.8 million as at the end of 2023. Similarly, total liabilities increased by 10.6% (or €3.1 million) to €32.1 million. Meanwhile, shareholders funds remained practically unchanged at €9.73 million.

Dividend

The Directors declared a net final dividend of €0.024 (final dividend 2023: €0.036) to shareholders as at close of trading on Wednesday 28 May 2025, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 1 July 2025.

Coupled with the net interim dividend of €0.010 per share paid in September 2024 (interim 2023: €0.015), the total net dividend attributable for the 2024 financial year amounts to €0.034 per share, which is 33.3% less than the €0.051 paid last year, and represents a payout ratio of 77.3%.

Outlook

In their commentary, the Directors explained that for 2025, the Group is expecting a 17% increase in revenue to €54.4 million. This is forecasted to translate into an operating profit of €2.48 million and a net profit of €1.67 million. The directors explained that the Group is amplifying its digital presence, opening new outlets and refurbishing existing locations.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 28 April 2025, The Convenience Shop (Holding) plc published its Annual Report and Financial Statements for the financial year ended 31 December 2024.

Revenue remained practically unchanged at €46.4 million as the Group experienced a challenging year amid a marked increase in competition in the retail fast moving consumer goods market, influenced by high inflation and increased competitive pricing

Operating costs increased by 2.6% to €44.4 million (2023: €43.3 million). The Company explained that it invested in its operating capacity in preparation for an expansion program that is expected to yield returns in 2025. Consequently, the operating profit slumped by 35.8% to €1.94 million (2023: €3.02 million) and the operating profit margin fell to 4.2% from 6.5% in the previous year.

After accounting for other income of €0.67 million, net finance costs of €0.97 million and a tax charge of €0.28 million, the company reported a net profit attributable to shareholders of €1.36 million, which is 48.1% lower than the €2.63 million reported in 2023, resulting in a return on average equity of 13.9% (2023: 30.2%).

In terms of financial position, total assets increased by 7.7% (or €3.0 million) to €41.8 million compared to €38.8 million as at the end of 2023. Similarly, total liabilities increased by 10.6% (or €3.1 million) to €32.1 million. Meanwhile, shareholders funds remained practically unchanged at €9.73 million.

Dividend

The Directors declared a net final dividend of €0.024 (final dividend 2023: €0.036) to shareholders as at close of trading on Wednesday 28 May 2025, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 1 July 2025.

Coupled with the net interim dividend of €0.010 per share paid in September 2024 (interim 2023: €0.015), the total net dividend attributable for the 2024 financial year amounts to €0.034 per share, which is 33.3% less than the €0.051 paid last year, and represents a payout ratio of 77.3%.

Outlook

In their commentary, the Directors explained that for 2025, the Group is expecting a 17% increase in revenue to €54.4 million. This is forecasted to translate into an operating profit of €2.48 million and a net profit of €1.67 million. The directors explained that the Group is amplifying its digital presence, opening new outlets and refurbishing existing locations.