McColl’s shares down 33% amid ‘disappointing’ supply issues

Finance

McColl’s share price has plunged to record lows after it warned that profits would be hurt by product shortages.

The convenience store chain, which has already taken a stock market battering over the last three years, said lorry driver shortfalls had intensified in the final quarter.

It expects sales to be “significantly lower”, while pre-tax profit for the year is anticipated to be between £20 to £22 million.

Sky News reports that shares toppled by up to a third in early deals and were later trading down a quarter.

READ MORE: McColl’s ‘named and shamed’ for failing to pay minimum wage

McColl’s told investors it was working with Big 4 grocer and “wholesale partner” Morrisons to restock products.

Chief executive Jonathan Miller said: “It is disappointing to see supply chain issues worsen through the second half, but external factors… continue to impact much of the UK economy.

“We are working collaboratively with our wholesale partner Morrisons to restore in-store product availability as quickly as possible.”

Shares opened this morning at 13p, down 92.6 per cent from the 174p mark five years ago.

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