Angostura director's term ends

After the close of the 2022 annual meeting of shareholders on Wednesday, Angostura Holdings Ltd (AHL) announced that Alana Beaubrun's term of office as a director has expired.

AHL, in a release, said Beaubrun did not offer herself for re-election and therefore ceased to be a director with effect from July 5.

Beaubrun was appointed a director in November 2019. She also served as a member of AHL's human resource and compensation committee.

The AHL board of directors thanked her for her dedicated service and extended best wishes for her future endeavours, the release said.

For the first quarter of this year, AHL recorded a 25 per cent or $11 million decrease in profit before tax. AHL said this was driven by decreased sales in two international markets as well as the company's investment in strategic markets, which increased operating expenses by 22 per cent, or $13.8 million.

According to AHL's consolidated financial statements, the decline in revenue and increased operating expenses were offset by an improved internal process performance, as evident in an increase in gross profit margin of 53 per cent, as compared to 51 per cent in the prior comparative period.