Angostura Holdings saw its pre-tax profits increase 14 per cent for the nine-month period ended September 30, 2019.
Angostura saw its profits increase to TT$116.8 million over the corresponding period from the previous year. Additionally, its earnings per share moved from TT$0.35 to TT$0.39 as at September 30.
The results were published in its financial statement released to the Trinidad and Tobago Stock Exchange yesterday.
” Sustained cost management strategies and cash management initiatives reinforced profitability with an improved pre-tax profit margin of 22 per cent for the nine-month period.”– Angostura
Another notable highlight from the statement is the growth in the company’s Bitters line, which was up 12.8 per cent over the comparable period in 2018. This was largely due to the “increase in the distribution and usage of Bitters in the North American and the United Kingdom markets”, the financials stated.
The performance of Bitters, along with Angostura’s co-pack bulk segment, were the primary contributors to overall revenue growth of TT$19.3 million, or four per cent of the corresponding review period.
Angostura said its association with the Caribbean Premier League cricket tournament, through its Lemon Lime Bitters brand, contributed to “positive regional revenue growth of three per cent over prior year.”
What’s more, it said the performance of its rum sales was “reasonably viable” but that it anticipates an improvement in the year’s closing quarter due to the festive season.
“Sustained cost management strategies and cash management initiatives reinforced profitability with an improved pre-tax profit margin of 22 per cent for the nine-month period.”
Angostura began in 1824, when founder Dr Johann Siegert first produced aromatic bitters as a medicinal solution designed to alleviate stomach ailments.