Angostura profits decline by 15%

ANGOSTURA Holdings Ltd reported a 15 per cent decline in profits in its summary consolidated financial statement for the first half of the year ending on June 30.

The results, shared on the TT Stock Exchange’s website on Tuesday, said profit after tax was recorded at $66.2 million, as compared to $77.8 million recorded for the same period in 2023.

Overall revenue for the group was $458.7 million, a three per cent decline from the same period the year before, when Angostura generated $474 million.

Chairman Terrence Bharath, SC, said in his statement the gross profit margin for the period was 49 per cent as compared to 54 per cent the year before.

He said the reduction in the profit margin was because of what he described as “industry-specific inventory revaluations.” He said while local branded revenue fell short by seven per cent, or $19 million, there were still positive indications of growth.

“Forres Park revenue grew by one per cent, premium rums by eight per cent and agency brands by five per cent over the comparative period,” he said. “The on-trade segment also performed well, achieving a six per cent or $1.4 million increase year-over-year.”

He said international-branded revenue also grew by three per cent compared to the same period in 2023, particularly in the sale of bitters, and regionally, the company continues to do well, with a 13 per cent growth in revenue.

“In Europe, our premium rums segment saw a remarkable 13 per cent growth year over year,” he said.

He noted that specific brands such as Angostura Chill and Correia’s Hard Wine have both seen significant growth in revenue, by 27 per cent and 74 per cent respectively.