STOCK Spirits yesterday revealed big drops in revenue and profit as price wars in Poland continued to bite.
The FTSE 250 drinks firm reported a 77.6 per cent slide in operating profit to €5.2m (£3.7m) and a 21.6 per cent fall in revenue to €108m in its interim results.
Issues in the company’s Polish supply chain during the first quarter dented earnings, as a 2014 rise in excise duty continued to weigh on performance. A new warehouse had improved flexibility in the operation with considerable benefits to its performance, it said.
Chief executive Christi Heath said: “While there are risks facing the business from continuing aggressive competitor pricing and erratic customer ordering patterns we currently believe that our full-year earning… will be within the range of €60m to €68m.”