13th Nov 2013 13:05
LONDON (Alliance News) - Stock Spirits Group PLC Wednesday said that it expected to deliver full-year results at least in line with forecasts as third quarter performance was ahead of expectations.
In its first update since its initial public offering, the branded spirits producer said that it had seen sales volumes increase 6% in the third quarter compared to the previous year. Stock Spirits did not provide any sales figures, only the percentage change.
The company remained cautious however, warning that although the proposed 15% duty increase on strong alcohol in Poland had not been confirmed by the Polish government, it was making plans to handle the potential damage from such an increase.
In a separate announcement, the company announced that it had signed an exclusive distribution agreement with Diageo in the Czech Republic, effective from January 2014. It did not provide financial details of the agreement.
Shares in Stock Spirits were trading down 1.50 pence at 249.00 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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