Despite a near 17% rise in sales during 2013, Czech-Polish spirits producer Stock Spirits recorded a profit of €8.9 million, down from €26.2 million in the year previous.
That 66% fall in profit was attributed to various “exceptional costs”, attributed to its Initial Public Offering (IPO) before floating on the London stock market in October 2013.
Sales increased 16.4% to €340.5 million from €292.4 million in 2012
The UK-headquartered spirits producer and distributor, which operates primarily in Central and Eastern Europe, made the decision to sell a quarter of its shares in a bid to raise £52 million.
“We are pleased with the performance of the group during what has been a very busy period,” said Chris Heath, CEO of Stock Spirits Group.
We have completed a successful IPO whilst delivering strong performances in all our key markets, and despite challenging economic conditions,” Heath went onto say that he was "confident" about the future for Stock.
© 2014 - European Supermarket Magazine by Enda Dowling
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