A BURTON brewing giant has announced a rise in income and sales as part of its latest set of financial results.
Molson Coors, based in High Street, revealed its European operations had increased income by $21.5 million in the first quarter of 2014.
The firm put the massive boost down to increase in volumes, cost savings and favourable foreign currency exchanges.
Molson Coors president and chief executive officer Peter Swinburn said: “In the first quarter Molson Coors more than doubled underlying after-tax income and expanded gross, operating and after-tax margins.
“Underlying earnings per share also more than doubled.
“The improvement across our company was consistent, with each of our businesses achieving improved operating margins and pre-tax earnings in the quarter.
“Our strong focus on our core brands, portfolio shift to above premium and value-creating innovation is paying dividends.”
Sales volume in Europe increased by 5.6 per cent due to strong promotional work and favourable weather this year.
Worldwide beer volumes were measured at 11.9 million hectolitres, which was a drop of around 0.1 per cent globally.
Total net sales came out at a staggering $816.0 million, which was a drop of 1.5 per cent when compared to last year.
It comes at a time the firm is part of the way through a £75 million project in Burton that is seeing its estate modernised.
Its brewing site in Station Street is being improved in a variety of ways, including the installation of a new bottling line and a state-of-the-art energy centre.
The firm revealed earlier this year that last-quarter profits in 2013 rose by 11.9 per cent, attributing it to ‘volume growth, positive pricing, lower supply chain costs and a benefit from favourable foreign currency movements’.