Halewood reports turnover jump

turnover

Halewood Wine and Spirits has reported turnover grew 26% to £335.0m for the year ending 29 June 2019, compared with £265.2m the year before. Adjusted Ebitda (Earnings before interest, tax, depreciation and amortization – a measure of a company’s operating performance) increased 15% to £26.3m, compared with £22.9m the previous year.

Pre-tax profit was down to £6.8m, compared with £14.4m the year before after the company incurred one-off costs of £8.9m when a potential sale of the business was called off.

During the period the company opened a gin distillery in Liverpool.

In her report accompanying the accounts, Halewood Wine and Spirits chairman Judy Halewood said, “During 2019 the group invested in production capability in distilling and craft beer as well as brand acquisitions.

“Halewood has de-listed non-profitable lines, particularly in the low-margin ‘ready to drink’ category, resulting in artisanal spirits becoming the leading category. In addition, international expansion in North America, Russia, China and Australia through acquisitions and investment in sales infrastructure will yield positive results in the coming years.

“The shareholders and senior managers decided the sale of the business wasn’t in the best interests of the group due to significant growth opportunities in artisanal spirits. This decision resulted in one-off deal costs and contractual management incentive payments in return for a long-term commitment from senior managers.”

 

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