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Castle Brands H1 losses narrow, sales grow

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  • First-half net losses narrow to US$1.5m from $2.06m
  • H1 net sales up 27.6% to $35m
  • Operating profits in six months to end of September recover to $171,810
  • Q2 net losses at $0.65m compared to $0.87m last year
  • Q2 net sales leap 28% to $18.5m
  • Operating profits recover to $190,788 from a near-$300,000 loss in the previous year

Castle Brands has reported further recovery thanks to its rum, American and Irish whiskey brands.

Castle Brands highlighted its rum and whiskies as key growth drivers

Castle Brands highlighted its rum and whiskies as key growth drivers

The company reported a 27.6% leap in sales for the six months to the end of September, as well as narrowing net losses and a return to operating profit. 

President & CEO Richard Lampden said the company's small batch Bourbon Jefferson's, Goslings rum and Irish whiskies helped drive sales and profits. 

John Glover, COO, said additional purchases of aged Bourbon reserves as well as the initiation of two long-term new fill programmes put the company in a "solid position" to support increased sales of Jefferson's. 

"We believe that Jefferson's is now the fastest growing premium small-batch Bourbon in America. We also increased our Irish whiskey offerings and expanded our barrel program for Knappogue Castle Whiskey. In addition, we continued to build on our successful relationship with Pallini liqueurs by extending our exclusive distribution agreement for an additional five-year period," he added. 

The growing popularity of the Dark 'n' Stormy cocktail has played an important part in growing Goslings rum, the company said. 

"Recognising that, we have focused on increasing sales of Goslings 'Stormy Ginger Beer'. Ginger beer sales for the 12 months ended September 30, 2015 exceeded 900,000 cases," added Glover.  

To read the company's official statement, click here


Sectors: Company results, Spirits

Companies: Castle Brands

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