UK: Blavod trading update - looking good for year
Blavod Extreme Spirits has issued a trading update to coincide with its fiscal year-end. The company said today (22 April) that it expects shipments during the fiscal year to 31 March to slightly exceed the market's expectations. Blavod is due to announce its audited results in late June. The rise will represent an approximate increase of 114% on a year-on-year basis, the company said.
UK shipments advanced with Blavod Black Vodka volumes 23% ahead of the same period last year. "As in past periods, growth continued to be led by the top three multiple supermarket customers where volume increased almost 22% ahead of last year," Blavod said. "Similarly, Blavod Black Vodka shipments in the US continue to be very encouraging having tripled on a year on year basis."
The group expects turnover to be broadly in line with expectations. Lower marketing costs and tighter control of working capital will create a significantly larger cash balance than the market expected at year-end, Blavod warned.
In a statement, Jeffrey Hopmayer, Blavod's chief executive, said: "I am delighted with the progress we have made as a public company both in terms of financial performance and strategic development. Strong trading, particularly in the second half of our fiscal year, together with the creation of our wine division in the US, provides a tremendous platform and momentum for organic growth in the future."
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