Angostura Holdings Limited has recorded its highest revenue in 10 years.
Revenue at the company increased to $847.2 million, an 8.1 per cent over the previous year. The $63.5 million increase was also 14 per cent higher than revenue in 2017.
The company said it represented a significant improvement in the Group’s top line growth which revenue decline between 2015 and 2017.
Further, profit after tax increased by 9.2 per cent or $11.9 million for the year which ended December 31, 2019, ending the year at $141.8 million.
Meanwhile, gross profit increased to $417.5 million which was a seven per cent increase over 2018, the result of the result of growth in its local and export markets.
Regarding the performance, Chairman Terrence Bharath said “This growth was due mainly to strong performance in the Bitters segment owing to increased demand and distribution growth among top retailers in the North American market,” said in a company release.
Bharath added that “Local rum sales also contributed to this improvement, boosted by the fourth quarter launch of White Oak Sorrel. Finally, the co-pack bulk segment has grown significantly throughout the year.”
The Group saw export revenue increase by 14.8 per cent in 2019 due to the continued strong performance of its Bitters segment, which grew 11 per cent.
The United States, the company’s fastest growing Bitters market, saw gains in distribution growth as top retailers in the North American market resulted in increased demand throughout the year.
There was also marked improvement in the United Kingdom, Canada and Europe as all exceeded previous year’s performance by 15 per cent.
Angostura Lemon Lime Bitters revenue in Trinidad and the wider Caribbean increased 10 per cent driven by brand exposure through innovative marketing.
Total assets for the Group increased $125.9 million to $1.34 billion as at December 31, 2019.
Angostura is a leading Caribbean rum and bitters company trading on the Trinidad and Tobago Stock Exchange.