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ARCUS - Arcus ASA News Story

NOK44.15 0.1  0.1%

Last Trade - 15/04/21

Sector
Consumer Defensives
Size
Small Cap
Market Cap £259.4m
Enterprise Value £401.5m
Revenue £259.5m
Position in Universe 645th / 1831

Norwegian alcohol maker Arcus gets big earnings boost from lockdown

Tue 18th August, 2020 6:34am
OSLO, Aug 18 (Reuters) - Norwegian alcohol producer and
wholesaler Arcus  ARCUS.OL  posted a sharp rise in its
second-quarter profit on Tuesday, as COVID-19 travel
restrictions prevented many consumers from buying cheaper wine
and liquor abroad.
    Arcus's April-June revenue rose 10% year-on-year to 767
million Norwegian crowns ($86.9 million), while adjusted
earnings before interest, tax, depreciation and amortisation
(EBITDA) rose 44% to 119 million crowns, the company said.
    Seeking to limit the spread of the novel coronavirus,
Norway, Finland and other countries where Arcus does business
have 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
    "While we currently still experience positive effects, it is
impossible to forecast how long they will continue," Arcus said
in its earnings report.
    Arcus in March temporarily postponed a decision on whether
to pay dividends, but quickly reinstated the planned payout and
has since seen its stock price rally 60%, hitting a 21-month
high on Monday.
    
($1 = 8.8250 Norwegian crowns)

 (Reporting by Terje Solsvik; editing by Uttaresh.V)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))
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