UK: Blavod reduces losses as sales fall
Blavod Black Vodka has today posted a reduced loss in the six months to 30 September. The company saw net losses drop to £247,000 compared to £492,000 in the same period last year. However the comany saw its sales fall to £557,000 from £634,000 year-on-year.
In the US, where Blavod recently lost an importer, the company said it had finally begun to make some progress as sales over the Halloween period exceeded forecasts. Sales in the UK also rose, by 24% in case volumes, and by 18% in duty free.
In a statement released today, chairman Allan Shiach said that the improvement in operating results over the comparable half year indicates the continuing steady progress being made by the company.
Interest in Blavod in Eastern Europe had been surprisingly positive and the company is hopeful that this may become a valuable territory. Early evidence has been encouraging with the brand out-performing all expectations in several specific areas and stores.
Ongoing control of overhead costs and increased gross profit margins (up from 34% to 36.5%), together with a larger contribution from several of the brands the company markets and distributes in the UK, are indications of movement towards overall profitability in the year ahead, the statement read.
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