Tomorrow, Stock Spirits will release its interim results for the first six months of the year. Here, just-drinks takes a closer look at the company’s performance in the three months to 30 June:
- The second quarter began with a call from Stock’s largest shareholder for then-CEO Chris Heath to step down
- In mid-April, the company released an upbeat trading statement for Q1, with sales in the three months to the end of March up 29% on the same period in the year prior
- On the same day, a second shareholder called for Heath to quit
- The following day, Stock announced a new MD for its Polish unit. Marek Sypek replaced interim MD Ian Croxford in the country. Croxford, who assumed the role in January last year, returned to his position as group chief operating officer
- By 18 April, Stock had announced Heath’s departure from the company. The spirits firm said he would be replaced by non-executive director Miroslaw Stachowicz on an interim basis
- Later, the company came out fighting against rebel shareholders, claiming that its recent actions were “already bearing fruit”
Full-year results highlights:
- Full year net profits were down 46% to EUR19.4m (US$21.3m)
- Sales in the 12 months to the end of December fell 10% to EUR262.7m
- Operating profits tumbled 22% to EUR41.7m
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