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Drinks Group Anora Posts ‘Solid’ Sales Growth In First Quarter

By Steve Wynne-Jones
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Drinks Group Anora Posts ‘Solid’ Sales Growth In First Quarter

Nordic wine and spirit group Anora has reported what it described as ‘solid’ sales growth in the first quarter of its financial year, with net sales of €159.5 million.

This is up from €133.4 million in the corresponding period last year and includes the acquisition of the Globus Wine business in July 2022.

Net sales excluding the Globus Wine acquisition were €136.5 million, the group noted.

Comparable EBITDA stood at €7.9 million in the period – down from €13.0 million in the same period last year – due to unfavourable currency exchange rates and high input costs.

First-Quarter Profitability

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“Our profitability in Q1 decreased, mainly due to the weakening of NOK and SEK,” commented CEO Pekka Tennilä. “The gross impact of the currency was at [a] level of €4 million, which we were not able to fully compensate with pricing. In addition, our operational costs were significantly higher. During Q1, we implemented the planned price increases to improve our gross margins.

“The full impact will be seen in Q2, as in Sweden, the prices took effect only in March, while in Finland, this occurred in April. Our operating costs increased mainly due to the timing of additional maintenance and IT activities in the first quarter.”

Looking ahead, Finnish-based Anora noted that it expects its comparable EBITDA to be between €80 million and €90 million for the year, as it reported ‘unchanged’ guidance.

Read More: Anora Names Mikkel Pilemand As Chief Growth Officer

© 2023 European Supermarket Magazine – your source for the latest drinks news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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