Angostura Holdings Ltd has closed the first half of the fiscal period 2022 with Profit After Tax (PAT) of $67.6 million, an increase of $12 million or 21.7 per cent over the comparative period in 2021.
According to the Group’s summary consolidated financial statements revenue for the first six months of the fiscal year ended June 30, 2022 was $460 million, an increase of $89.6 million or 24.1 per cent over the same period of last year.
These results are indicative of improvement in economic activity since the removal of COVID-19 restrictions, the company said.
It noted local revenue of $264.1 million represented an increase of 19 per cent over the comparative period in 2021 as on-premise trade (bars, hotels, entertainment centres) recovered in the second quarter. Internationally, while some markets had a more moderate recovery, revenue grew by 29 per cent during the same period from $137.8 million to $178 million.
All major international markets reported growth, except for the UK, which is expected to rebound imminently, the company added.
Profitability improved compared to the same period of last FY with a gross profit margin of 51 per cent, compared to 48 per cent (2021); an operating margin of 19.5 per cent compared to 17.9 per cent (2021); and a Profit Before Tax (PBT) margin of 21.4 per cent compared to 20 per cent (2021).
The company said this performance was achieved despite sustained pandemic-induced changes in buying patterns, global supply chain constraints and geopolitical shocks which resulted in challenges with logistics, shipping, and widespread inflationary pressures.
It added robust management of expenses and improvements in production efficiencies contributed to overall improvements in profitability notwithstanding these drawbacks.
“In spite of market volatility, growing inflation, and external shocks which will continue into the foreseeable future, the Group has a positive outlook for the rest of FY 2022.
“We are confident our performance will continue along this current trajectory, with support of stakeholders and ongoing dedication of employees,” the statement said.
The board recommended an interim dividend of $0.10 per share (2021: $0.09 per share).