Angostura set to open 2 new Solera stores

Angostura's chief financial officer (CFO) Amar Seechan anticipates a positive outlook for the remainder of the year, with the company expecting a stronger performance in the fourth quarter – as people tend to spend money on its products during the Christmas period.

These sentiments were shared during Angostura's Earning Call meeting at the House of Angostura, Laventille on December 9.

Angostura, in its limited summary consolidated financial statement for the period ending September 2024, reported $94.3 million in profits after tax, down from $104.4 million the year before.

Revenue also saw a decline, reaching $697.9 million compared to $720.1 million in 2023.

The company's profit before tax amounted to $126.5 million, a decrease from $149.1 million the year before.

Despite a ten per cent decrease in profit after tax compared to its 2023 figure, chief operating officer (COO) Ian Forbes announced that two new Solera Wines and Spirits stores will be opened before year-end, with the possibility of more being opened in 2025.

The locations and opening dates for the two new stores were not disclosed, but are expected to be announced later this week.

Angostura's chairman Terrence Bharath said he understands the public wants more, hence the expansion of the Solera brand.

"I guarantee you Solera is going to grow. Solera is going to take off. We are bringing to the communities, the brands.

"You don't have to drive into Port of Spain, Marabella or around the savannah, you're going to get the brands coming to you in your neighbourhood."

Bharath said owing to cost of living in the capital, people have now moved to other areas which are developed.

"Trincity is a massive hub. Chaguanas is a massive hub. Brentwood is a city by itself.

"When you drive up there you think you're in the US. That's where you have to focus and bring it to the people."

Angostura also experienced some personnel changes in management this year as its CEO Laurent Schun was said to serve solely in an advisory capacity for the remainder of his tenure.

Manager of human resources Cindy Wilson resigned effective December 31, according to an announcement on the TT Stock Exchange website on October 15.

Curtis Durity resigned as executive manager of local sales with effect from June 24, while Melissa Sophia Charles-Barber resigned as executive manager of marketing on February 26.

On September 23, businesswoman Tricia Coosal was appointed a director of Angostura.

Asked if the company was being run by a management team and if there was a need for a CEO, Bharath said, "The CEO's term comes to an end on January 14. We have put things in place to recruit a replacement.

"In the meantime, Ryan Mohammed, Amar Seechan, Ian Forbes and corporate secretary will run the operations of Angostura."

Bharath said Forbes acted as the CEO during covid19 and even won the TTMA's Manufacturer of the Year Award while at the helm.

"They are a dedicated team with loads of energy. They know the business inside out and share my vision and the board's vision.

"There's a lovely synergy that goes on there."