Operating profit more than doubles at Stock Spirits

Central and Eastern European branded spirits producer Stock Spirits Group announced its results for the six months to 30 June on Wednesday, with total revenue rising to €116m from €108m a year ago.

The London-listed company reported operating profit of €12.5m, more than doubling from €5.2m, with profit after tax rising to €8.4m from €0.2m.

Basic earnings per share were four euro cents, up from nil in the first half of 2015.

The company declared an interim dividend of 2.27 euro cents per ordinary share, up from 1.25 cents, on top of the special dividend announced in June of 11.9 cents.

EBITDA before exceptional items totalled €17.9m during the period, up from €10.8m.

“I am delighted to have been appointed CEO and pleased to announce EBITDA growth across all our markets for the first half of this year, after a difficult 2015,” said CEO Mirek Stachowicz.

“The board is particularly pleased that the many initiatives we have put in place in Poland are starting to show positive results, with market share being regained across our core traditional trade outlets.

“Although the recovery is in its early days, the board is confident that the strengthened management team in Poland will be able to build on this encouraging start over the coming months,” Stachowicz explained.