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Liberum view this morning on prelim results (taken from Research Tree): "The prelim results highlight steady progress being made with the group on- track to meet its medium term targets. The Majestic Wine business has seen positive LFL sales growth for the first time in four years, and Naked Wines continues to be the key engine of sales growth. More over its highly accretive investment strategy is now contributing to group profits and with debt falling quickly the re-instatement of a dividend policy will be well received. Majestic Wine falls into a small group of companies in the retail universe which is forecast to deliver +10% earnings CAGR, as a result of strong top line and margin growth, and is now paying a dividend alongside debt deleverage."
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