Some shareholders lost patience after years of heavy spending CEO says better returns are coming, African footprint trebled Non-African operations targeting to double operating profit
JOHANNESBURG, Dec 9 (Reuters) - For shareholders waiting for South African wine and spirits company Distell to deliver higher returns on their investments, 2020 was a year to forget.
A months-long alcohol ban in its home market, designed to help curb the spread of the coronavirus, slammed sales and earnings and its shares have dropped by more than a quarter.
The world’s second-largest cider maker had already frustrated some shareholders with years of big-ticket spending they say has delivered an inadequate payoff.
Distell boss wants to build “African drinks champion” Some shareholders lost patience after years of heavy spending CEO says better returns are coming, African footprint trebled Non-African operations targeting to double operating profit
JOHANNESBURG, Dec 9 (Reuters) - For shareholders waiting for South African wine and spirits company Distell to deliver higher returns on their investments, 2020 was a year to forget.
A months-long alcohol ban in its home market, designed to help curb the spread of the coronavirus, slammed sales and earnings and its shares have dropped by more than a quarter.
The world’s second-largest cider maker had already frustrated some shareholders with years of big-ticket spending they say has delivered an inadequate payoff.