Spirits producer - Underberg manufacturer makes less turnover
Despite higher prices, Underberg Spirit Company received less money in the cash box in the fiscal year 2022/23, which ended in late March 2023. The turnover amounted to 142 million Euro and was 3 million Euro less than the previous year, as announced by Semper idem Underberg AG in Rheinberg, North Rhine-Westphalia. The adjusted earnings before interest, taxes, and depreciation (Ebitda) increased, among other things, due to cost savings from 11.6 to 12.8 million Euro. The company did not publish other financial figures.
A look in the Federal Gazette shows that the company was already profitable with a similar turnover in the previous fiscal year: In the fiscal year 2021/22, the company made a net profit of 4.4 million Euro according to the Federal Gazette with a turnover of 141 million Euro - almost the same amount as in the previous fiscal year.
"Customers in Germany and other markets are still quite reluctant," said Managing Director Michael Söhlke. In combination with necessary price increases, this has slowed down sales. For the future, the manager is optimistic, as business has been running since April in the current fiscal year according to plan.
The company, which is owned by the founding family, includes Underberg Bitters, produced in Rheinberg, in addition to Asbach Uralt Brandy, produced in Rüdesheim, Hesse. Approximately half of the overall 240 employees are active at each location. To the competitors belong the herbal liqueur company Mast-Jägermeister from Wolfenbüttel, Lower Saxony.
- Despite the decrease in turnover to 142 million Euro in the 2022/23 fiscal year, Underberg Spirit Company in North Rhine-Westphalia's Rheinberg managed to increase its Ebitda from 11.6 to 12.8 million Euro due to cost savings.
- The quarterly figures for Underberg's drinks, including its popular Underberg Bitters, were affected by customers' reluctance to spend in Germany and other markets, causing a turnover drop of 3 million Euro compared to the previous year.
- Hesse-based Asbach Uralt Brandy, also part of the Underberg company, which is owned by the founding family, saw its production proceed in Rüdesheim, contributing to the approximately 240 employees working at both locations.
- Despite the challenges faced in the previous fiscal year, Underberg's fiscal year 2021/22 financial figures showed a net profit of 4.4 million Euro, even with a similar turnover to the previous year, as stated in the Federal Gazette.
- The competitor Herbal Liqueur Company Mast-Jägermeister from Lower Saxony's Wolfenbüttel poses a challenge to Underberg in the spirits industry, alongside other competitors in the market.
