East Imperial plc (LON:EISB), the global purveyor of super-premium beverages, has provided an update on trading for the year ended 31 December 2023.
Highlights
● Revenue of £2.35m for FY2023 (unaudited), as expected behind the £3.17m recorded in FY 2022 given the operating constraints experienced in Q2 and Q3
● Post resolution of operational issues, sales recovery in Q4 2023 with momentum maintained in Q1 2024
● Margin improvement programme implemented in Q4 2023, which included cost reduction initiatives and selective price rises, led to a 15% margin expansion in Q4 2023 and improvement maintained into 2024
● Implementing initiatives to improve working capital cycle including the moving of overseas customers to FOB shipping terms and trade financing
● Ongoing discussions with potential debt funders to provide additional working capital to help support ongoing expansion
● Expectation that cashflow breakeven will be achieved in Q4 2024