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Interim Results

Stock Spirits turnaround delivers profit growth

09 August 2017 09:34

Stock Spirits (STCK), a producer of spirits sold in Central and Eastern Europe, grew its profit before tax by 23% to €15.65 million in the first half, with total revenue up 3.3% to €119.8 million.

Mirek Stachowicz, CEO of Stock Spirits, said the performance is a clear sign that the business has stabilised and that the initiatives put in place in 2016 are beginning to deliver tangible results including in Poland.

Vodka volume growth in Poland was 1.4% in the first half, versus 2.4% last year. Flavoured vodka saw volume growth of 7.7%, up from 4.7% last year.

The value of vodka sold in Poland grew less strongly, rising by 1.7% versus 2.9% the year before, after the company introduced price reductions.

The company has increased its volume and value market shares in Poland by 1.8% and 1.5% respectively to 26.2% and 26.9% as at June 2017.

In the Czech Republic, spirits value grew by 7.2%, up from 2.3% in 2016, while volume grew by 5.5%, compared with 2.9% the year before.

At 9:34am: (LON:STCK) Stock Spirits Group share price was +8.38p at 166.63p

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