Majestic Wine WINE claims a 74.5 % fall in profits made 2015 a good year with encouraging progress. If you prefer your profits on an adjusted basis to make them look better, the fall of 30% to £15m is still fairly serious. Basic earnings per share for the year to 28th March fell from 20.5p to 3.5p and cash of £10.9m was turned into debt of £25.5m. There are however some signs of an improvement on the way. Like for like sales rose by 4.8%, the first rise in four years and Naked Wines enjoyed record sales with a rise of 27.3%, helped by strong growth in the US. On the home front though, trading conditions in the UK are expected to remain tough.
Leni Gas Cuba Ltd CUBA is teaching BP and all the other big oilies, a lesson in how to invest wisely for the future and escape from the myriad problems of the oil and gas industries. The solution for Leni Gas is simple. Invest in premium coffee. It has just acquired for £27,300, a 10% share in The Cuban Mountain Coffee Company Ltd. based in the notorious but beautiful Guantanamo region of Cuba and will help CMC to promote its gourmet coffee on a worldwide basis. So who will be next. Can you expect Shell cocoa, BP premium Darjeeling tea and Esso Horlicks to be appearing soon at a supermarket near you.
The Italians have now joined the Europe wide rebellion against the establishment, which is terrifying the Brussels bureaucracy. Yesterdays second round of voting in mayoral elections saw a lawyer who was unknown only a few months ago and is the leader of the Five Star Movement, on course to become Mayor of Rome.
Five Star, the movement founded by the comedian Beppe Grillo had other successes yesterday with another of its leading ladies, elected mayor of Turin.
The Democratic Party, which was struggling in many areas yesterday and the Mafia are not happy at the success of Italy’s new breed of politicians.
If more member states carry on like this, it may soon be well worth while being in the EU.