Brewer announces healthy results
Scottish & Newcastle announced a rise in both sales and full year profits yesterday.
The group announced that turnover rose 17.1 per cent to £5.5bn from £4.7bn the year before.
The increase in sales saw pre-tax profit lift slightly to £471m from £467m a year before.The brewer – which offloaded its pubs division last year for £2.5bn – has recently been in the news over its decision to close its 150-year old Fountainebridge brewery in Edinburgh.
The closure will result in around 170 job cuts, while saving the company around £10m in 2005.
S&N is in the middle of a restructuring phase, as it aims to reverse the spiralling sales after competition from the supermarket sector has seen a drop in UK beer prices. Details: www.scottish-newcastle.com
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