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UK: Stock Spirits sees H1 sales struggle as Poland duty rise takes hold

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  • Half-year net profits come in at EUR16.8m (US$22.1m) versus EUR10.7m losses in year-on-year HY
  • Sales in six months to end of June fall by 10% to EUR137.7m
  • Operating profits increase by 2.9% to EUR22.7m
  • Volumes down by 7.2% as Poland duty rise bites
  • Extends Beam Suntory distribution agreement to Croatia

Stock Spirits has reported a weak start to its fiscal year as the Polish excise hike hit sales in the country.

Stock Spirits also increased its Beam Suntory tie-up to include Croatia

Stock Spirits also increased its Beam Suntory tie-up to include Croatia

The UK-headquartered spirits company, which operates in Central and Eastern Europe saw its sales in the six months to the end of June hampered by the introduction of a 15% rise in duty on strong alcohol in Poland in January. Stock had warned of the effect of the move in its last set of full-year results, when profits were hit by one-off costs and sales jumped by 16.5%.

The net losses of EUR10.7m in H1 last year was the result of a capital restructuring prior to Stock's IPO in October.

CEO Chris Heath said: 

“The group’s results for the first half of the year 2014 are in line with our internal targets and we are on track to meet our expectations for the full year.

"The group is well placed to capitalise on the opportunities available in the Central and Eastern European Region and we continue to view the future with confidence.”

The company also announced today an extension of its distribution agreement with Beam Suntory into Croatia, Stock already handles several of Beam Suntory's brands in Poland, as well as a raft of Diageo's spirits brands in Czech.

To read the company's official statement, click here.

For coverage of an exclusive interview just-drinks' managing editor conducted with CEO Chris Heath following the results, click here


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