Stock Spirits Shows Signs of Recovery
Stock Spirits, one of Central and Eastern Europe’s leading branded spirits and liqueurs businesses, has posted results for the six months ended 30 June 2016 which show significant improvement against a very weak financial outcome for the first half of last year. Revenue at €116.0 million was up from €108.0 million in the first half of 2015. Operating profit before exceptional items was €12.5 million versus €5.2 million in the previous year, which is an improvement of over 100%, and adjusted EBITDA was €17.9 million up from €10.8 million for 2015. In line with expectations the group did not recorded any exceptional costs in the first half of 2016.
One of the world’s leading vodka producers, Stock Spirits holds strong market positions in spirits in both Poland and the Czech Republic, where it has invested in modern production facilities. The group was created through the integration of Eckes & Stock and Polmos Lublin in 2008 and floated on the main market of the London Stock Exchange in October 2013.
Mirek Stachowicz, chief executive of Stock Spirits Group, comments: “The board is particularly pleased that the many initiatives we have put in place in Poland are starting to show positive results, with market share being regained across our core traditional trade outlets. Although the recovery is in its early days, the board is confident that the strengthened management team in Poland will be able to build on this encouraging start over the coming months.”
Having served as interim chief executive since April 2016, following the retirement of Chris Heath as chief executive, Mirek Stachowicz has now assumed the position on a permanent basis.
