Jul 2015 Financial News

Angostura Holdings sees growth in brands

Jul 07, 2015

Angostura Holdings Ltd has posted results from continuing operations of $217.3 million and profit after tax of $153.4 million for 2014.

Chairman Gerald Yetming said the figures were lower than the $196.2 million and $289 million respectively for 2013 which included non-recurring income of $151.8 million—gains from the settlement of debt and disposal of investments.

He said the group’s 2014 performance featured topline growth of $9 million and efficient management control of operating expenses.

“Our brands continue to grow profitably and the results from the branded business increased by $14.6 million (7.4 per cent) over the prior year despite the many challenges in the domestic market and in some of our international export markets,” Yetming said in his statement to shareholder’s in Angostura’s 2014 annual report.

“Significant capital investment continues to be undertaken as we steadily modernise our plant and ensure a strong asset base to support the needs of our business. Positive cash flows continue to support healthy returns to shareholders, and cash and cash equivalents exceeded total borrowings by $58.6 million at the year end.”

CEO Robert Wong said Angostura’s financial results “continue to demonstrate the strength and appeal of our brands across many markets both local and international.”

He said reduced operating and financing expenses, together with revenue growth, led to an improvement the group’s results from continuing operations.

“This measure of core business performance shows steady growth since 2011 despite increasing challenges in domestic and overseas markets in the areas of cost control, competition management and constantly changing consumer taste,” he said.

“Strategies of process and facility improvement along with operating cost and investment management, will ensure continued improvement of the financial results of the company in accordance with our long term objective of sustainable growth.”

Wong said Angostura would continue to focus on new markets as well as growth of existing ones, since this strategy had contributed to the success of the group’s branded business during the year. He said markets in North America, Europe and Australia continued to produce results and renewed focus in Central and South America has been positive.

He said: “The bitters and rum brands, including bulk rum blends, have been well received in markets such as Chile and Brazil, and prospects for continued growth in other Latin American markets are promising.

“Exports are growing at an impressive rate and present organic growth potential for the company, to support the domestic trade which continues to generate solid returns despite challenges from a constantly evolving business and legislative environment.”

Angostura’s annual general meeting takes place July 27 from 10 am at the House of Angostura, Eastern Main Road, Laventille.

Source:
Trinidad Guardian, A16
Tuesday July 7, 2015