Angostura __________

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INVESTOR RELATIONS

Corporate Information

Board of Directors:

Mr. Terrence Bharath (Chairman)
Ms. Renee Johncilla
Mrs. Michal Andrews
Ms. Ingrid Lashley
Ms. Alana Beaubrun

Chief Executive Officer (Ag.)

Ian Forbes

Company Secretary:

Kathryna Baptiste Assee  LLB (Hons); LEC; EMBA

Chief Financial Officer:

Ginelle Lambie

Registered Office:

Corner Eastern Main Road & Trinity Avenue,
Laventille,
Trinidad & Tobago
E-mail: corphq@angostura.com
Website: www.angostura.com

Registrar & Transfer Agent:

Trinidad & Tobago Central
Depository Limited
10th Floor, Nicholas Towers 63-65
Independence Square, Port of Spain
Republic of Trinidad and Tobago
Telephone No. (868) 625-5107/9
Fax: (868) 623-0089

Auditors:

PwC
11-13 Victoria Avenue
Port of Spain
Republic of Trinidad and Tobago

Bankers:

Republic Bank Limited
Promenade Centre
72 Independence Square
Port of Spain
Republic of Trinidad and Tobago

First Citizens Bank Limited
Corporate Banking Unit
2nd Floor, Corporate Centre
9 Queen’s Park East
Port of Spain
Republic of Trinidad and Tobago

Citibank (Trinidad & Tobago) Limited
12 Queen’s Park East
Port of Spain
Republic of Trinidad and Tobago

Scotiabank Limited
Scotia Centre Branch
56-58 Richmond Street
Port of Spain
Republic of Trinidad and Tobago

Attorneys-at-law:

Lex Caribbean
First Floor, 5-7 Sweet Briar Road
Port of Spain
Republic of Trinidad and Tobago

Financial Results

Performance Overview

Despite the cancellation of the 2021 Carnival season, the Group reported Profit before tax (PBT) of $27.7m for the three months ended March 31, 2021, an increase of 41% or $8.1m from the comparative prior period ended March 31, 2020.

The Group’s first quarter 2021 financial performance reflected revenue of $152.1m a nominal decrease of $1.1m or 0.7% from the prior comparative period.  Local sales, which contributed 65% of total revenue, was generally subdued due to the absence of the 2021 Carnival season and the general economic uncertainty caused by the prolonged global pandemic. This was particularly evident in the month of January.  However, the Group successfully capitalized on limited opportunities available during the virtual Carnival experience in February as consumers planned safe “staycations”.

Internationally, we noted strong signs of recovery in the Europe, Middle East, Asia and Africa (EMEAA) and Australasia regions with increased shipments of Bitters to Australia and sales to the EMEAA in line with the prior comparative period.  This was due to restocking after depressed consumption in 2020 and increased rum sales to key markets with growth driven by at-home consumption.

Operating expenses were $10.5m (17%) below prior year, driven mainly by reduced marketing spend which was 36% below prior year. This was directly linked to the absence of traditional Carnival related expenditure. Savings in discretionary spend, together with interest income which exceeded the prior period by 88%, drove profitability resulting in a strong PBT margin of 18.2% compared to the prior period margin of 12.8%.

The Board of Directors is mindful of the uncertainty in our markets, local and international, in the face of the ongoing challenges associated with the COVID-19 Pandemic.  Notwithstanding this, we are encouraged by our performance to date to consider every opportunity to sustain our market thrust. We will continue to maintain the flexibility and agility required to meet customer demands for innovation and choice and commend our employees for their contribution to this effort.

Mr. Terrence Bharath
Chairman
May 05, 2021