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Angostura Holdings Nets $111.1m In Group Profit

Angostura Holdings Ltd (AHL) is reporting $111.1 million in group profit after tax for the period ended December 31, 2017. This represents an 8.9 per cent decrease in group profit after tax compared to the prior year. AHL closed the financial period with cash and cash equivalents of $152.8 million. The company?s chairman Rolph Balgobin, commenting on the performance of the group, said for the period the group reported a 7.3 per cent decline in revenue. In his statement accompanying the audited summary consolidated financial statements he said, ?The revenue in 2017 was due to the strategic decision to downsize the loss-making export bulk rum business and focus on brand building.? ?Bulk rum sales represented six per cent of the group?s revenue in 2017, compared to 18 per cent in 2016-a reduction of $60.9 million.? pecifically referring to the brands, he said the rum brands and signature Angostura Aromatic bitters businesses performed ?favourably? with revenue growth of six per cent to $537.7 million and increased operating profit of $22 million in 2017. Overall, Balgobin said the business performed ?creditably, surpassing the average financial performance in the non-energy manufacturing sector for 2017,? despite the overall revenue decline and the impact of a change in depreciation methodology, ?as we prepare for an increase in investment in plant and equipment.?AHL is expected to pay out a total dividend of $0.21 per share.

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