US: Drinks Americas gets H1 lift from Worldwide Beverage Imports
- Half-year net losses trimmed by 58% to US$0.73m
- Net sales up by 477% to $1.4m
- Results lifted by Worldwide Beverage Imports licensing deal
Drinks Americas has reported a leap in half-year sales following its deal to gain distribution 39 drinks brands owned by Worldwide Beverage Imports, but the company remained in the red.
Drinks Americas has seen net sales jump by 477% to US$1.4m for the six months to the end of October. Second-quarter sales were 758% higher than in the same period of last year, at $1.27m.
The Olifant vodka has been lifted by its strategic partnership with Worldwide Beverage Imports, agreed at the end of June. In return for yielding a 49% stake in its business to WBI, Drinks Americas has gained sales and/or import and distribution rights for up to 39 of WBI's spirits and beer products through a series of licensing agreements.
Despite the higher sales, Drinks Americas remained in the red for its half-year, albeit with net losses trimmed by 58% to $0.73m. Second-quarter losses were $0.38m, a 54% improvement on the same quarter of the previous year.
For the company announcement, click here.
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