Q1 Interim Management Statement
tock Spirits, a leading Central and Eastern European branded spirits producer, is pleased to provide its Interim Management Statement for the period since 1 January 2014, including a review of the first quarter of the 2014 financial year.
- Trading and cash flow in line with management expectations,
- Second phase of project Polar, the branded fridges project in Poland completed in February,
- Exclusive distribution of Diageo brands in the Czech Republic commenced in January,
- Former owner, Oaktree Capital sold its outstanding stake (72 million shares) in April through a market placing
Chris Heath, CEO of Stock Spirits Group, commented:
“Stock has started the year well and trading in the first quarter is in line with management expectations. We completed the second phase project Polar, the branded fridges project and there are now 20,000 in place,offering chilled vodka to consumers through the traditional trade in Poland. The distribution agreement with Diageoin the Czech Republic has started well.
Following the excise duty increase on 1st January in Poland, overall spirits consumption has been negatively impacted as expected.Whilst this is broadly in line with our expectations, it is too early to tell what the longer term impact will be.However, we believe that Stock Spirits is well placed to take full advantage of the anticipated recovery when it happens and we expect to deliver full year results in line with management expectations.”
For further information
Stock Spirits Group: +44 (0) 1628 648 500
Chris Heath, Chief Executive Officer
Lesley Jackson, Chief Financial Officer
Andrew Mills, Investor Relations Director
Bell Pottinger: +44 (0) 20 7861 3232