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Stock Spirits hails turnaround and appoints permanent CEO

Published:  11 August, 2016

European spirits distiller Stocks Spirits has posted positive half-yearly results and appointed a new CEO after a "difficult" 2015.

The results mark a turnaround for the company which saw a sharp decline in its share of the Polish vodka market and a shareholder revolt led by Portuguese buinessman Luis Amaral.

New CEO Miroslaw 'Mirek' Stachowicz said the company had seen "growth across all our markets for the first half of this year, after a difficult 2015".

Since April 2016, he has served as interim CEO, having joined the board as an independent non-executive director in November 2015.

For the six months to June 30, total revenue was €116 million up from €108 million in 2015.

Operating profit more than doubled to €12.5 million from €5.2 million last year and profit after tax skyrocketed from €0.2 million to €8.4 million.

"The board is particularly pleased that the many initiatives we have put in place in Poland are starting to show positive results, with market share being regained across our core traditional trade outlets," Stachowicz said.

"Although the recovery is in its early days, the board is confident that the strengthened management team in Poland will be able to build on this encouraging start over the coming months."

Discord within the London-listed company began following lackluster sales in Poland led to the removal of former CEO Chris Heath.

The company came under fire from Amaral - the company's largest shareholder - and his company earlier this year.

David Maloney, chairman of Stock Spirits, praised Stachowicz's impact on the business.

"We are delighted to appoint Mirek as CEO of Stock Spirits. Having commenced an international search, we concluded that with his extensive knowledge of both the Stock Spirits business and consumer brands across the CEE region, Mirek was the ideal candidate. He has already made a significant impact on the business and we are delighted to see improved performance in our important Polish market under his leadership," he said.