Stock Spirits Group PLC Pre-Close Trading Update and Notice of Results (0462P)
08 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMSTCK
RNS Number : 0462P
Stock Spirits Group PLC
08 October 2019
8 October 2019
STOCK SPIRITS GROUP PLC
Pre-Close Trading Update and Notice of Results
Stock Spirits Group PLC ("the Company"), a leading owner and
producer of premium branded spirits and liqueurs that are
principally sold in Central and Eastern Europe and Italy, today
provides a pre-close trading update for the year ended 30 September
2019.
Overall trading for the year ended 30 September 2019 was in line
with our expectations.
The Polish and Czech spirits markets, which together deliver
approximately three-quarters of our revenue, continued to show
growth in both volume and value terms (source: Nielsen MAT August
2019).
Our Polish business has continued to perform well despite
trading conditions remaining highly competitive, outperforming
total vodka growth in both the clear and flavoured sub-categories,
and gaining volume and value share. We are also pleased with the
strong performance of our Czech business, which outperformed total
spirits growth and achieved both volume and value growth. The Czech
performance was driven by the success of our strategic initiatives
including premiumisation, new product development and the addition
of the Beam-Suntory distribution brands.
The acquisition of Distillerie Franciacorta, announced in
January, was successfully completed in early June as planned. We
are on track with integrating it with our existing Italian
business. Similarly the acquisition in the Czech Republic of the
Bartida businesses, which are focused on the premium on-Trade
market, was announced and completed in May.
Group cash flow from operations for the year was strong,
resulting in net debt at 30 September 2019 of circa EUR43m after
the funding of the two acquisitions referenced above (30 September
2018: EUR32m).
As previously reported, our Polish subsidiary, Stock Polska, was
issued with an assessment by the Polish tax authorities in respect
of its 2013 Corporate Income Tax Return, which was appealed in
January. The appeal is currently progressing through the appeals
procedure and, based on advice from our taxation advisors, we
consider
it likely that it will ultimately be successful. The next hearing is not expected in 2019.
At our half-year results in May we referred to the possibility
of increases in indirect taxation in the Czech Republic, Poland and
Italy from 1 January 2020. In the Czech Republic, legislation
proposing a 13% increase in excise tax on spirits from 1 January
2020 is expected to be ratified later this month. We are
implementing a range of necessary actions ahead of this change.
There have been no further indications in relation to any such
changes in Poland or Italy.
We will announce our results for the year ended 30 September
2019 on Wednesday 4 December 2019.
ENDS
For further information
Stock Spirits Group PLC:
Paul Bal, Chief Financial Officer +44 (0) 1628 648 500
Powerscourt:
Rob Greening
Lisa Kavanagh +44 (0) 20 7250 1446
A copy of this announcement has been posted on
www.stockspirits.com. Investors can also address any query to
investorqueries@stockspirits.com
About Stock Spirits Group
Stock Spirits is one of the leading branded spirits and liqueurs
businesses in Central and Eastern Europe and Italy, and offers a
portfolio of products that are rooted in local and regional
heritage. With core operations in Poland, the Czech Republic,
Slovakia, Italy, Croatia and Bosnia & Herzegovina, Stock also
exports to more than 50 other countries worldwide. Global sales
volumes currently total over 100 million litres per year.
Stock has production facilities in Poland, the Czech Republic
and Germany, and its core brands include products made to
long-established recipes such as Stock 84 brandy, Fernet Stock
bitters and Limoncè, as well as more recent creations like Stock
Prestige and o dkowa de Luxe vodkas.
Stock is listed on the main market of the London Stock Exchange.
For the proforma year ended 30 September 2018, it delivered total
revenue of EUR282.4 million and operating profit of EUR48.7
million.
For further information, please visit www.stockspirits.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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