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Stock Spirits first-half sales soar
Prestige vodka owner Stock Spirits reported a 15% jump in revenue during the first half of its fiscal year due to stockpiling in Poland and the Czech Republic, plus a strong off-trade performance that was boosted by the Covid-19 lockdown.
Stock Spirits’ portfolio includes Prestige vodka
Stock Spirits’ underlying revenue for the six months to 31 March 2020 reached €180.7 million (US$196.2m).
The group said its off-trade strategy helped to mitigate any impact from the closure of bars, clubs, restaurants and hotels due to the Covid-19 pandemic. Approximately 15% of the company’s business comes from the on-trade.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at €44.2 million (US$47.9m) for the six months leading to 31 March 2020, up from €35.3m (US$38.3m) during the same period the previous year.
In Poland, Stock Spirits’ revenue grew 25.4% during H1 to €104.9m (US$113.9m), while in the Czech Republic the group’s revenue increased by 9.1% to €54.2m (US$58.8m).
Stock Spirits has not provided guidance for its 2020 full year due to the uncertainty caused by the Covid-19 pandemic. The group said its forecasts were “broadly unchanged”.
Mirek Stachowicz, chief executive officer, said: “These strong results are a testament to the quality of our brand portfolio, the strength of our customer relationships and the resilience of our business model.
“It is also these attributes that have enabled us to successfully manage the excise changes that were implemented earlier in the year in our key markets of Poland and the Czech Republic.
“The Covid-19 pandemic reached our markets towards the end of the period and, as a result of our long-standing focus on the off-trade, our broad portfolio of local brands and our strategy of sourcing and manufacturing our products locally, it has had a minimal impact on our operations to date.
“There remains robust demand for our products, but we are monitoring developments closely and are able to respond quickly if required. Our first priority continues to be the health and well-being of our employees and I would like to thank them all for their extraordinary resilience, loyalty and hard work during this period.”