Shares in Majestic Wine rose 5p to finish on 291p yesterday following the release of the wine warehouse chain's full-year results to 27 March.

The group revealed that full-year pre-tax profit rose 9.8% to £14.5m on sales up 6% at £172.2m.

Like-for-like sales during the period increased 3.8%.

Tim How, chief executive of Majestic Wine, also said that the company was planning to expand on market share, with the potential for 200 UK stores.

He added that demand for fine wines and champagne has pushed the average spend at its stores from £5 to £118 and that orders on its website had increased 38% during the period.

Analysts welcomed the results. Rob Brent, from KBC Peel Hunt, said: “This is a quality business with growth likely to be circa 10% per annum.”