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Stock Spirits Group records significant year of growth
Stock Spirits Group, central Europe’s leading producer of branded spirits, has announced its full-year results for the year ended 31 December 2008, with volumes up 33% to 97.6 million litres.
Stock Spirits Group made substantial progress in 2008, with the financial highlights being:
- Volumes up 33% to 97.6 million litres (2007: 73.5 million litres)
- Revenue up 23% to €245.4m (2007: €199.2m)
- Ebitda up 32% to €49.4m (2007: €37.4m)
- Maintained strong gross margins at 50%
- Strong cash flow.
Operational highlights
- Second full year of operation as a group.
- Gained market share in three core operating territories of Poland, Czech Republic and Italy.
- Strengthened management teams across all divisions.
Post period end
- Announced launch of two new operating territories: Croatia from June and Bosnia and Herzegovina from September.
- Launched new websites for key group brands.
- Appointed US MD to consolidate US market position.
Regional performance overview
The results for the year were driven in particular by strong performances in Poland and the Czech Republic. Czysta de Luxe, the clear vodka line extension launched by SSG at the end of 2007, sold 2.1 million cases in Poland in its first full year, and by May 2009 has already achieved an 11.9% share of the clear vodka category in Poland.
Stock’s flagship Wódka Żołądkowa Gorzka (WZG) brand also performed well, with a 33% increase in volume, and is now the leading vodka brand in Poland.
In the Czech Republic, Stock Plzeň-Božkov holds the leading market share of 37%, by selling a record 27 million litres of spirits in 2008. Key brands include the leading Fernet brands: Fernet Stock, Fernet Stock Citrus and Fernet Stock 8000.
Stock Italy’s market share increased from 6.4% to 6.7% in 2008, with the top-selling brands being Limonce, the market-leading limoncello, the Keglevich dry and flavoured vodkas range and Stock brandy.
“The growth we’ve achieved in 2008 clearly reflects our position as central Europe’s leading branded spirits producer,” said Neil Everitt, CEO of Stock Spirits Group. “We generated strong cash flows, grew Ebitda by a third and maintained significant margins while investing in the business – in brands, people and production assets.
“Our approach is to invest in areas where we see potential for growth. For example, we’ve strengthened our management teams throughout the region in 2008 and backed this with multi-million euro investments in our brands and production facilities. We’ll continue to invest in our businesses this year and are currently in the process of installing a state-of-the-art bottling line in Poland, which we believe will be the fastest line of its type anywhere in Europe.”
Source: Stock Spirits Group
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