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Stock Spirits warning over Poland duty increase
Stock Spirits has said its 2013 trading is “in line with management expectations” but issued a warning over Poland’s increased excise duty.
Stock Spirits predicts a fall in sales this year following Poland’s excise duty increase
In its pre-closing trading statement, the central and Eastern European spirits producer increased reported sales and EBITDA in 2013.
However, as a direct impact of the Polish government’s decision to increase excise duty on strong alcohol by 15% from 1 January 2014, Stock Spirits predicted a reduction of sales and EBITDA in the year ahead.
Chris Heath, CEO of Stock Spirits Group, said: “Given the strong Q4 performance, the group is well placed to deliver full year results in line with management expectations and we remain excited about the group’s opportunities for future growth in Central and Eastern Europe.”
The update follows a 6% volume growth for Stock Spirits in Q3, following the group’s flotation on the London Stock Exchange in October 2013.