Optimism for the future
The importance of neighbourhood stores has never been greater, and we are well positioned to continue enhancing our convenience offer by further developing our partnership with Morrisons, and further improving the quality of our estate and our overall customer experience.
Demand for local convenience has never been higher
Fundamentally, the pandemic has reinforced our conviction in our vision and ongoing strategic change programme. McColl’s is well positioned in a market that is forecast to grow. Our key strategic priorities will help deliver sustained profitable growth over the coming years.
Adapting to a rapidly changing environment
Our financial priorities in 2020 included strengthening our balance sheet, mitigating cost inflation and further optimising our estate. While there remain a number of challenges, we have demonstrated our resilience this year with a robust underlying performance.
The Group has defined and outlined the purpose of its alternative performance measures, including its key measures, in the glossary of terms on pages 135–136 of the 2020 Annual Report.
* EBITDA and Net Debt based on a pre IFRS 16 basis.
** LFL sales reflect sales from stores that have traded throughout the current and prior financial periods, and include VAT but exclude sales of services (fuel, lottery, mobile phone top-up and travel tickets). This measure is based on a 52-week comparison.
*** Defined as the proportion of grocery (including food-to-go) and alcohol sales to total sales (excluding services). This measure excludes VAT.