Performance Overview

The Group’s financial performance for the nine-month period ended September 30, 2020 showed revenue growth of 7.1% over the comparative period last year. This was due largely to sustained growth of the Local Rum segment, up 17.4%, and the Bitters segment, up 4.6%. Revenue continues to be driven by innovation together with the strategic maximizing of opportunities resulting from shifting consumption trends, specifically at-home consumption and off-trade purchasing. However, our projected growth targets in foreign markets were challenged by the impact of the COVID-19 pandemic on the global economy.

The profit before tax for the nine-month period ended September 30, 2020 was $115.2m, 1.3% below the prior year’s comparative period. Profit after tax was $80.7m, or 0.4% below last year for the comparative period.

Overall profitability is just marginally lower than the comparative period last year. Our results were achieved through the stringent management of operating expenses, ongoing review and revision of our provision for Expected Credit Loss and cash management initiatives to maximize investment returns. The move to cashless operations in keeping with new initiatives in digital banking and security management will contribute to mutual improvement in risk and liquidity management for our customers and ourselves.

We have been focused on sustained revenue growth and profitability as we head into the fourth quarter of the financial year. The COVID-19 pandemic will continue to impact the Group given its intimate connection to the entertainment and hospitality industries both locally and internationally. Notwithstanding this, the Angostura team will continue to seek opportunities for growth and innovation to surmount the challenges that lie ahead.

Mr. Terrence Bharath
Chairman
October 29, 2020