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ARCUS - Arcus ASA News Story

NOK44.6 0.0  0.1%

Last Trade - 08/04/21

Sector
Consumer Defensives
Size
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.
 urn:newsml:reuters.com:*:nL8N2DK06R urn:newsml:reuters.com:*:nL8N2FE43D urn:newsml:reuters.com:*:nL5N2GI3HC urn:newsml:reuters.com:*: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.  urn:newsml:reuters.com:*: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)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))
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