25 May 2012

Blavod loses interim £1.7m

02/01/2007 Robert Tyerman

‘Black vodka’ producer Blavod Extreme Spirits lost a first-half £1.68 million and is still talking to a potential bidder.

Turnover at AIM-quoted Blavod rose an impressive 61 per cent to £3.54 million in the six months to September, especially in the UK and USA, as the London-based spirits concern continued the launch of its El Diamante del Cielo tequila brand in a joint venture with Suntory of Japan and introduced a new brand, Cockspur Rum. However, the first-half loss rose £67,000 to £1.68 million as promotional spending on Blavod Black Vodka and other products combined with competitive market conditions to put the squeeze on margins.

Chief executive Jeff Hopmayer says the company has taken steps to correct this and ‘restore decreasing margins in our brand portfolio for the second half of the year’. He points out that the second six months, which include Christmas and New Year, are ‘traditionally the main season for wine and spirit sales’.

In late November, Blavod announced that an unnamed company, quoted in the USA on the Bulletin Boards of the Nasdaq Over The Counter market, had initiated discussions about making an offer for Blavod with shares. According to Hopmayer, these talks are ‘still ongoing’ and the company will make ‘a further announcement...in due course’.

Floated six years ago at 24.5p, Blavod shares soon topped 47p, but more recently the market has lost patience. They now trade at 11p, down 2p this morning, and remain speculative.

Sector: Food Producers

Companies: Blavod Wines and Spirits

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