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Strong second-quarter boosts Castle Brands in fiscal first-half - results

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  • Half-year net losses shrink to US$1.5m from $2.1m a year earlier
  • Sales in six months to end of September rise by 3.8% to $36.4m
  • Operating profits drop by 17% to $142,900
  • Second-quarter net losses total $700,700 compared to $1m in Q2 2015
  • Sales in three months to end of September climb 6% to $19.6m
  • Quarterly operating profits jump by 58% to $301,541

Castle Brands has posted a healthy set of second-quarter results, with sales climbing and losses shrinking.

Castle Brands has seen demand for its Jeffersons Bourbon brand increase in the US

Castle Brands has seen demand for its Jefferson's Bourbon brand increase in the US

In the three months to the end of September, net losses came in at just under US$800,000 compared to $1m in the corresponding period a year earlier. The top-line also improved, increasing by 6%.

For the first six months of Castle's fiscal year, net losses dipped to $1.5m from $2.1m, with sales rising by almost 4%.

The New York-based spirits brand marketer said yesterday that rising US sales for the Jefferson's Bourbon portfolio and for the Goslings Stormy Ginger Beer RTD drove the top line in the second quarter.

"Continued strong growth of our more profitable brands, such as Jefferson's and our Irish whiskeys, resulted in solid revenue growth," said CEO Richard Lampen yesterday. "We expect these trends of increasing sales and improving financial performance to continue over the balance of the fiscal year."

The Q2 numbers come three months after Castle Brands reported a 1% lift in sales for the first three months of fiscal-2017. The company said at the time that it intended to launch a raft of new products, including Jefferson's Ocean Cask Strength and Goslings Gold Seal, during the rest of the fiscal year.

Castle Brands also said yesterday that it has bought an additional 1,800 barrels of aged Bourbon "to support the continued growth of Jefferson's".

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

Ten things you need to know about spirits in the US - Click here for a just-drinks focus


Sectors: Company results, Spirits

Companies: Castle Brands

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