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Blavod slumps on funding concern
Shares in spirits to liqueurs distributor Blavod Wines & Spirurs (BES) have slumped 38 per cent this morning, on its admission that further funding may be required.
Well known for its black vodka brand, in what is typically a weak first quarter, the AIM listed company has declared that both sales and losses have come in slightly lower than management expectations. This will result in Blavod falling short on market forecasts, moreover it no longer expects to break-even in the year to March 2012. Though under review, house broker Brewin Dolphin expects Blavod to report a £200,000 loss.
Blavod blames the weakness on the delay in securing product re-listings in a major UK retailer, however this situation has now been rectified so the second half should show increased profitability - though this will lead to a hike in its working capital needs.
Though Blavod is in talks to introduce new brands to its stable, these discussions have taken longer than expected. Blavod also blames the success of its Blackwood's Gin and Diva Vodka brands (particularly in export markets), which will mean a higher earnout will need to be paid ahead of their final purchase prices, in 2012 and 2015 respectively.
Full-year results issued last month revealed Blavod had successfully opened new markets, but the loss of the Cockspur Rum agency, and the collapse of Oddbins has hit trading. Sales fell 7.5 per cent to £7.2 million as operating losses came in at £56,000 (2010: £72,000 profit). Blavod has a £1.2 million debt facility, which is roughly 50 per cent utilised.
Blavod is on the verge of launching a new product, in a category in which it is currently not represented - this will require funding for new stock. The shares, at 1.625p, only values Blavod at £1.3 million, though the price has slumped the news is far from terminal.
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