Arcus ASA logo

ARCUS - Arcus ASA News Story

NOK44.6 0.0  0.1%

Last Trade - 08/04/21

Consumer Defensives
Small Cap
Market Cap £260.7m
Enterprise Value £402.1m
Revenue £258.2m
Position in Universe 645th / 1831

Norway's Arcus Q3 alcohol sales jump as virus-led travel curbs boost demand

Fri 6th November, 2020 6:28am
OSLO, Nov 6 (Reuters) - Norwegian alcohol maker Arcus ASA
 ARCUS.OL  posted a 26% rise in third-quarter revenue on Friday,
as COVID-19-induced travel curbs prevented consumers from buying
cheaper wine and liquor abroad and boosted demand.
    The July-September revenue for Arcus, which has agreed to
merge with Finland's Altia  ALTIA.HE , rose to 817.6 million
crowns ($88.5 million) from 650.8 million crowns a year ago, it
said in a statement.
     Adjusted earnings before interest, tax, depreciation and
amortisation (EBITDA) rose 58% to 152.4 million crowns.
    Seeking to limit the spread of coronavirus, Norway has
discouraged foreign travel, thus limiting the access to alcohol
from duty-free stores and other low-cost sources.*:nL8N2DK06R*:nL8N2FE43D*:nL5N2GI3HC*:nL8N2HR3GT
    In September, Finnish alcoholic drinks maker and distributor
Altia agreed to buy Arcus in an all-share deal, with the
combined group to be renamed Anora.*:nL8N2GQ11D
    Subject to regulatory approvals of the deal, Norwegian
billionaire Stein Erik Hagen's Canica investment company is set
to become the biggest shareholder with a stake of 22.4%, while
the Finnish government will hold 19.4% of the combined firm.
    "Completion of the merger is expected to take place in the
first half of 2021," Arcus said in its earnings report.

($1 = 9.2341 Norwegian crowns)

 (Reporting by Terje Solsvik; Editing by Rashmi Aich)
 ((; +47 918 666 70))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.