WARSAW: In the year to 31 December 2017, the firm’s revenue increased by 5.2% €274.6 million (US$341.1m). Total sales volume grew by 6.5% to 13.1m nine-litre cases.
However, profit was reported at €11.3m (US$14m), down from €28.4m (US$35.2m) in 2016, following “exceptional charges” involving Italian business damages of €14.9m and Polish deferred tax of €4.7m (US$5.8m).
Stock Spirits is facing “continuing challenges” in Italy that have affected its vodka-based liqueur brand Keglevich.
Last year, the group also established new distribution agreements with Beam Suntory in the Czech and Slovakia market, and with Beluga Group in Croatia and Bosnia.
In addition, the company launched Black Fox herbal bitters in the Czech market, and developed new flavours for the Saska liqueur range in Poland.
Mirek Stachowicz, chief executive officer, said: “2017 was a year of stabilisation for Stock Spirits, and one in which we embedded the significant changes accomplished in 2016.
“Turning around the performance in our largest market, Poland, was the group’s top priority during the year and, through a combination of strategic investment, realigned pricing and numerous other operational initiatives, we believe that the business has now stabilised.
“As a result, we are delighted to be reporting today that we have delivered growth in volume, revenue, market share, profitability and cashflow across the group during the year.
