Nordic wine and spirits supplier Anora Group has again cut its forecast for a key profitability metric.

The company now expects its comparable EBITDA to be €66-69m ($72.5-75.8m) in 2023, down from a revised forecast it issued in August of €70-78m. Last year, Anora booked comparable EBITDA of €76.1m.

In a brief stock-exchange filing, the Koskenkorva vodka owner pointed to weaker profits from the company’s wine business than it had previously forecasted. It also cited the impact of “lower monopoly sales” in the fourth quarter of the year.

The group is set to announce its 2023 financial results in February. In the nine months to the end of September, Anora generated net sales of €515.3m, up 7.1% on the corresponding period a year earlier. Comparable EBITDA was 25.5% lower at €41.1m. Net profit was down 70.1% at €4.3m.

Last month, Anora set out plans to cut approximately 40 roles across the business by the end of 2023 to reduce costs. The lay-offs were in addition to 40 redundancies announced in February as part of a streamlining drive in the company’s bottling operations.

In October, the company appointed former Carlsberg executive Jacek Pastuszka as CEO, replacing nine-year incumbent Pekka Tennilä.

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By GlobalData

A month earlier, Anora sold a clutch of brands – including Larsen Cognac – to International Beverage Holdings, the international arm of Thai giant Thai Beverage.

Then CEO Tennilä said: “The change in ownership of Anora’s Cognac business will enable us to generate funds and concentrate efforts on our chosen hero brands, Koskenkorva, Linie and Skagerrak, which are central to our international growth ambitions.”