(Alliance News) - Stock Spirits Group PLC on Thursday said its performance in the current financial year is tracking in line with expectations despite restrictions in the on-trade channel.
The owner and producer of premium branded spirits and liqueurs said for significant parts of the period stretching October 1 to February 4, the on-trade channel - which in the 2020 financial year represented 11% of the company's revenue - has been closed or heavily restricted in each of its key markets.
The on-trade market comprises outlets such as bars, restaurants and clubs, while off-trade sells for at-home consumption.
"These restrictions are still ongoing, albeit the company is hopeful that they will start to lift as vaccinations are rolled-out across its markets. Whilst our performance in the on-trade has been lower than expected due to these restrictions, this has been largely offset by our continuing strong performance in the off-trade," said Stock Spirits.
As a result, the company's performance is in line with expectations for the current financial year as a whole.
"We are pleased with the start that we have made to the year, and our performance is in line with expectations for FY2021 as a whole. Our long-standing off-trade focus has continued to help mitigate the impact of the closure of the on-trade across our markets, and our local sourcing and manufacturing strategy means that there has been no disruption to our operations since the start of the pandemic," said Chief Executive Mirek Stachowicz.
Shares in Stock Spirits were down 0.2% at 278.83 pence in London on Thursday.
By Lucy Heming; lucyheming@alliancenews.com
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