Nordic drinks firm Anora Group has reported a 10.2% increase in net sales in the second quarter of its financial year, boosted by the Globus Wine portfolio it acquired last year.
Net sales for the period totalled €182.7 million, up from €165.7 million in the corresponding period last year. Net sales if Globus Wine is excluded, however, totalled €158.5 million.
Comparable EBITDA fell during the quarter, however, to €13 million, due to currency impacts and increased input costs, the firm said.
'Negative Impact'
“In Q2, we experienced a significant negative impact on sales and profitability due to unfavourable currency exchange rates," commented CEO Pekka Tennilä.
"The gross impact of exchange rate changes on profitability is estimated to have been almost €5 million during Q2 and €9 million in January-June."
The group said that the decline in EBITDA was particularly felt in its wine segment, while the cost of energy, barley and glass bottles also weighed on the firm's profitability.
During the quarter, it announced a cost savings programme with the aim of saving €6 million annually – during the period, operating expenses excluding the Globus Wine business decreased by €2.4 million, it said.
Full-Year Outlook
Looking ahead to the remainder of the year, Anora said that it expects its comparable EBTIDA to be between €70 million and €78 million.
This is down from the company's previous guidance of between €80 million and €90 million.
"Looking ahead for the rest of this year, we remain highly focused on executing our strategy and strengthening profitability," Tennilä said. "This includes the savings programme, price adjustments, and a focus on reducing net working capital and improving inventory turnover.”
