Mangrove UK turnover soars 41% to £21m

Drinks distribution company Mangrove UK has recorded a 41.3% increase in turnover to £21.3 million (US$26.9m) for the year ending 30 April 2019.

Mangrove UK’s managing director Nick Gillett

Compared to the same period last year, Mangrove sold 53.5% more nine-litre cases. Duty paid sales grew 36% and under bond sales increased by 77%. Mangrove said that the result “builds on five years of continuous growth”.

Last October was also a record month for the firm, which delivered 22,000 cases to on- and off-trade customers in the UK.

The positive performance has been attributed to a number of factors including “good sustainable growth” across its range of gin, Tequila, vodka and whisky. Scotch brands BenRiach, Glenglassaugh and GlenDronach “positively impacted” sales during the second half of the period.

Sales were also boosted by growth across the on- and off-trade and investment in Mangrove’s team.

Managing director Nick Gillett said: “The forthcoming year looks set for more exciting trends and innovations, with further new product development like the great Black Cow Vodka & English Strawberries limited edition, which has just launched.

“I’m particularly excited about Bourbon as we see the impact of price repositioning, and we should also reap the rewards of growth in awareness of Pampelle and Select [apéritif brands] amongst consumers wanting a quality product.

“That said, the highly competitive UK market will continue to be tough. Our focus will be on effectively managing the challenges that come with growing at this rate and on cost-effective financing.

“We continue to look to make the right brand additions to ensure we remain relevant, building on our quality portfolio of brands that are ready for further expansion and growth for many years to come.”