* H1 adj. operating profit down 23 pct to 23.2 mln euros
* H1 revenue down 10 pct to 137.7 mln euros
* Declares maiden interim dividend of 0.0125 euros/shr
Aug 28 Stock Spirits Group Plc, the
biggest vodka producer in Poland and the Czech Republic,
reported a 10 percent fall in first-half revenue, mainly as an
increase in Polish excise duties hurt consumption.
Buckinghamshire-based Stock Spirits said operating profit
before exceptional costs fell 23 percent to 23.2 million euros
($30.64 million) for the six months ended June 30.
Revenue fell to 137.7 million euros in the first half from
153.1 million euros a year earlier.
More than 60 percent of Stock Spirits' sales comes from
Poland, where the government raised excise duties on strong
alcohol by 15 percent in January.
The company's drinks range from high-end Polish vodka Czysta
de Luxe to fruit-flavoured liquors and Italian brandies.
Stock Spirits was established in 2008 when U.S. private
equity firm Oaktree Capital Management merged Czech
Republic-based Eckes & Stock with Poland's largest spirit
company Polmos Lublin, creating one of the biggest vodka makers
in eastern Europe.
Oaktree was Stock Spirits' biggest shareholder until it sold
its 36.8 percent stake in April.
Stock Spirits, which listed on the London Stock Exchange in
October, declared a maiden interim dividend of 0.0125 euros per
Shares in the company closed at 294 pence on Wednesday on
the London Stock Exchange.
($1 = 0.7572 Euros)
(Reporting by Aastha Agnihotri in Bangalore; Editing by Feroze