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Stock Spirits reports 3.3% sales drop 12th May, 2021 by Nicola Carruthers
Prestige vodka owner Stock Spirits saw revenue decline 3.3% in the six months ending 31 March 2021 due to the closure of the on-trade in the Czech Republic.
Stock Spirits’ Distilleria Franciacorta business boosted sales in Italy
For the six-month period, the company’s sales reached €183.4 million (US$222.3m), however profit for the period climbed 91.6% to €28.1m (US$34m).
In the Czech Republic, the company’s sales declined by 16.6% to €45.2m (US$54.8m). The decline was due to the closure of the ‘sizeable’ on-trade channel and price discounting from competitors in the imported rum category, Stock Spirits said.
Western Gate to vote against Stock Spirits chair 1st February, 2021 by Nicola Carruthers
Shareholder Western Gate has called for the removal of Stock Spirits’ chairman and senior independent director due to the firm’s ‘unconvincing’ M&A strategy and ‘significant’ sales losses since 2017.
David Maloney, chairman of Stock Spirits
Western Gate, which owns a 10% stake in Prestige vodka owner Stock Spirits, said it intended to vote against the re-election of chairman David Maloney and the senior independent director of Stock Spirits, John Nicolson, at the upcoming annual general meeting (AGM) on 4 February.
Furthermore, Western Gate has requested an “immediate” appointment of independent replacements for the roles using an independent executive search firm.