News blog

Blavod Wines & Spirits

BY: Andrew Hore |
POSTED: 22/07/2011 |

Spirits and wines distributor Blavod Wines & Spirits says that its full year figures will be below expectations and it needs more cash for the business.

Blavod does not believe it will break even in the year to March 2012. This is despite the fact that losses were slightly lower than expectations in the first quarter – April to June 2011. The share price slumped 1.12p to 1.5p, valuing Blavod at £1.32m. Blavod Black Vodka, as it was then, raised £4.15m at 98p a share when it joined Aim in February 2001. At the time the company was valued at £14m.

House broker Brewin Dolphin had hoped that Blavod would move into profit in the year to March 2013.

There have been delays in achieving listings in a major UK retailer. This should happen in the second half and it will improve the monthly revenues but also require more cash for working capital. The figures have also been hit by the failure to sign up more third party brands for the distribution business.

The Blackwood’s Gin and Diva Vodka brands have improved their profitability so the deferred consideration payable for them will be higher than expected.

Blavod is looking into ways of raising more cash. It will need the cash in order to enable it to improve its profitability after the re-listing of its products. Net debt was £1.05m at the end of March 2011.

Managing director Richard Ambler bought 147,058 shares at 1.7p each – costing £2,500. That took his stake to 2.15%. Last November, Ambler and his wife bought shares at 2.75p and 3p each. He bought a total of £2,600 worth of shares at that time.

Earlier this year, Howard Raymond, son of the late Paul Raymond, increased his stake to 14%.

Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2011_22.pdf

AIM Micro

News blog

Blavod Wines & Spirits

Quoted Micro 26 May 2025

AIM 50 Digest 23 May 2025

Quoted Micro 19 May 2025

Quoted Micro 12 May 2025