28th Jan 2014 08:47
LONDON (Alliance News) - Stock Spirits Group PLC, the central and eastern Europe spirits producer, Tuesday said trading for the fourth quarter, and for the 2013 financial year as a whole, are in line with management expectations.
However, it warned about the impact of higher Polish taxes on 2014 results.
The company, which owns brands including Stock 84 brandy, Fernet Stock bitter, Keglevich and Wodka Zoladkowa, said it is excited about its opportunities for future growth in central and eastern Europe, where it operates its main production and bottling sites.
"The Polish Government increased excise duty on strong alcohol by 15% which came into effect on January 1, 2014. As expected, the impact upon the group of the duty increase will have been to increase reported sales and EBITDA [earnings before tax, interest, depreciation and amortisation] in 2013 and to reduce reported sales and EBITDA in 2014," said Chief Executive Officer Christopher Heath in a statement.
Shares in the spirit producer were trading 4.0% lower early Tuesday at 273.50 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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