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Guinness PLC experiences 31% profit rise.

Guinness PLC experiences 31% profit rise

Guinness PLC last week announced a group profit before tax of $598 million for the six months ended June 30. This represents an advance of 31 percent over the $457 million for 1989's first half.

"With a clearly defined and sustained strategy, the Group's performance during the first half of 1990 is well up to our expectations," said Anthony Tenant, Guinness chairman, adding that the company's brewing operations were a solid part of current growth.

Tenant noted that Guinness Brewing Worldwide "had an excellent first half, with turnover of 23 percent and trading profits that were 54-percent ahead of 1989.

"Sales in the importand Irish market remain buoyant," Tenant continued. "Draught Guinness, in particular, has demonstrated considerable strength. Sales of lager reflected the success of working with other international brewers - Carlsberg and Anheuser-Busch."

The chairman added that the Guinness Import Co. has "strengthened its position in the North American imported beer market by the acquisition of All Brand Importers. This makes Guinness the third largest importer of beer into the United States. We have also acquired the Rymax Beer Corporation in Canada," Tenant concluded.
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Publication:Modern Brewery Age
Date:Oct 1, 1990
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