A BURTON-BASED brewing heavyweight is toasting its success after announcing a rise in sales and profits.
Molson Coors, based in High Street, revealed it has seen last-quarter profits rise by 11.9 per cent due to ‘volume growth, positive pricing, lower supply chain costs and a benefit from favourable foreign currency movements’.
Volumes were up thanks to an ‘improved performance’ in the UK, and the European arm of the worldwide firm was boosted by good performances at sites in Romania, Hungary and the Czech Republic.
Molson Coors president and chief executive officer Peter Swinburn spoke to the Mail about the firm’s achievements in the UK and across the globe.
He said: “In the fourth quarter, Molson Coors increased underlying pre-tax earnings and expanded pre-tax margins
“For full year 2013, we grew underlying after-tax earnings and exceeded our targets for cost savings, cash generation and debt reduction.
“Regionally, our US business improved results, especially late in the year, Europe performed well in a difficult environment, Canada struggled, and international made significant progress toward its goal of profitability by 2016.
“Nonetheless, our focus on building our core brands, growing the above-premium segment of our portfolio and driving sales revenue from innovation delivered significantly improved results this year.
“Our overall brand performance was strong, and strategically we are gaining momentum in the areas that will have the most impact on our financial results as markets begin to improve.”
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.