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Conviviality swings to loss in fiscal Q2

Conviviality Plc said its normalized net income for the fiscal second quarter ended Nov. 1, 2015, amounted to £7.0 million, compared with income of £1.0 million in the second quarter ended Oct. 26, 2014.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 2.8% from 1.1% in the year-earlier period.

Total revenue climbed year over year to £252.0 million from £91.4 million, and total operating expenses grew from the prior-year period to £247.8 million from £89.8 million.

Reported net income came to a loss of £19.0 million, compared with income of £1.1 million, or 2 pence per share, in the second quarter ended Oct. 26, 2014.