Angostura Holdings Limited has recorded its highest revenue in 10 years.
In a press release issued today, the company stated that it saw an upswing in both the local and export markets in 2019.
Export revenue grew by 14.8% in 2019.
The following is a press release from Angostura:
Angostura Holdings Limited recorded its highest revenue in 10 years. Revenue increased by 8.1% or $63.5 million in 2019 to $847.2 million. It’s also a 14% increase compared to 2017. This represented a significant improvement in the Group’s top line growth which saw a decline in revenue from 2015 to 2017.
The Group achieved a 9.2% or $11.9 million increase in profit after tax for the fiscal year ended December 31st, 2019. Profit went up from $129.9 million in 2018 to $141.8 million in 2019. The 2019 profit after tax represented a 28% increase in profit as against that recorded in 2017. Gross profit increased to $417.5 million which was a 7% increase over 2018 and a 14% from 2017.
The Group saw an upswing in both the local and export markets in 2019.
Chairman Terrence Bharath says, “This growth was due mainly to strong performance in the Bitters segment owing to increased demand and distribution growth among top retailers in the North American market. Local rum sales also contributed to this improvement, boosted by the fourth quarter launch of White Oak Sorrel. Finally, the co-pack bulk segment has grown significantly throughout the year.”
Angostura Holdings Limited which is world-renowned for its Bitters brand was able to record revenue growth in the export market despite a slowdown in the global economy due to weakened global trade and investment. Export revenue grew by 14.8% in 2019 and was due to the continued strong performance of the Bitters segment which increased by 11% in 2019. The fastest growing Bitters market, the USA, reported several gains as distribution growth in top retailers in the North American market resulted in increased demand throughout the year. The United Kingdom, Canada and Europe also reported significant growth, each exceeding 15% over the previous year.
Angostura Lemon Lime Bitters revenue in Trinidad and the wider Caribbean went up by 10% due to brand exposure gained from innovated marketing.
The Group’s total assets increased by $125.9 million to $1.34 billion as at December 31, 2019.
In looking ahead, Chairman Bharath says, “While we are cognizant of the likely impact of recent events on our operations globally, we are also mindful to play our part in the economic recovery of Trinidad and Tobago. To this end, we will work with all stakeholders to contribute to financial and social upliftment and security of our Country in particular, but also in the markets in which we operate. Our contribution of hand sanitizers to frontline workers and charities during the period of the pandemic is indicative of the flexibility and agility we are prepared to undertake to make a difference. We remain grateful to our loyal Customers who in the main, are the hallmarks of our success. We salute our employees who have been instrumental in our continued success and remain grateful for their dedication during these unfortunate circumstances. On behalf of the Board of Directors, I wish the People of Trinidad and Tobago a safe passage out of the COVID 19 pandemic. We offer our deepest condolences to those who have passed as a result of this virus. To those who are recovering, we wish you a quick return to good health.”