UK-based Stock Spirits Group anticipates its full year results for 2014 to conclude around the lower end of its forecast, due to decline in sales volume in Poland.
The company reported that sales in Poland has decreased during third quarter due to disruption in the supply chain resulting from the duty increase. This situation continued throughout fourth quarter, the company claims.
Poland, which accounts for 60% of the company's revenue, raised duty by 15 percent in January 2014, Reuters reported.
According to the news agency, Stock Spirits had estimated earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2014 to be between €5m-€10m below market expectation in November, largely due to the increased duty in Poland.
However, other markets remain in line with company's forecast.
Stock Spirits produces and markets spirits primarily in Poland, the Czech Republic, and Italy. It provides a range of spirits products, including vodka, vodka-based flavored liqueurs, wines, vermouths, rum, brandy, bitters, and limoncello.
