April 13, 2018 / 5:30 PM / 6 days ago

French spirits maker Marie Brizard warns of deeper loss in 2017

April 13 (Reuters) - Marie Brizard Wine & Spirits cut is earnings forecast for 2017 on Friday, saying it now expects to post a loss of between 11 to 12 million euros ($13.6-14.8 million) before interest, taxes, depreciation and amortisation.

Following the completion of financial and accounting audits of its Polish business, the French owner of the Sobieski and William Peel brands said it would take a 4.5 million euro charge linked to worsening market conditions in Poland.

It had previously estimated a full year EBITDA loss of about 6.5 million euros.

In February, the company said had launched audits of its Polish unit’s accounts and said it expected to report an annual loss due to significant difficulties in Poland.

Quarterly revenues for Marie Brizard’s Polish unit in 2017 have been restated following the review, it said in a statement, adding it would postpone the publication of its results for 2017 and the first quarter of 2018 until after June 30.

It said its new general manager in Poland, Ania Jakubowski, had presented a new action plan which is expected to help stabilize its Polish business.

“After a very difficult 2017, this action plan envisions the gradual improvement of the Group’s operations in Poland, leading to a year of transition in 2018,” the firm added. ($1 = 0.8117 euros) (Reporting by Piotr Lipinski in Gdynia Editing by Alexander Smith)

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