This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
News
Stock Spirits Polish arm buoys FY results
Stock Spirits has said its key Polish business performed well last year, bringing the group’s full-year results “in line with expectations”.
Stock Spirits “continues to make progress” in returning the business to health
In a pre-close trading update for the full-year ending 31 December 2016 the leading Central and Eastern European spirits group confirmed it “continues to make progress” in returning the business to health.
Citing data from market research group Nielsen, Stock Spirits said the Polish vodka market continued to show growth in both volume and value terms.
A statement read: “Our Polish business has performed well in highly competitive trading conditions and continues to make progress on the root and branch initiatives.”
Despite a tempestuous 2016, which saw a shareholder revolt rock the firm, Stock Spirits said that overall trading in the second half of 2016 – and therefore for the full-year – was “in line with expectations”.
It described group cash flow for the year as “strong”, resulting in net debt of around €60m – up from 2015, which was recorded as €57.2m.
Last year the group pledged to make the turnaround of its Polish business a “primary focus” after price hikes in the market saw its operating profits plummet 22.3% in 2015.
Stock spirits will announce its full-year results on Wednesday 8 March 2017.
The statement concluded: “The company will provide a more detailed update on trading and the company’s performance during the year across all its key markets, including a briefing on progress against the key initiatives previously announced in 2016.”