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Guinness posts 34-percent increase in first half of 1989.

Guinness posts 34-percent increase in first half of 1989

Guinness PLC recently announced Group profit before tax of $153 million for the six months ended June 30, 1989. This compares with $114 million for the first half of 1988, and represents an increase of 34 percent.

The group has continued to dispose of peripheral businesses with the sale of Cranks, Sonoma Vineyards, Dreyfus Ashby, certain companies acquired with Buckley's brewery and the 50-percent share in United Glass.

"North American results in the first half were adversely affected by a weak market and the continued reorganization of our business in the United States," said Anthony Tennant, chairman, Guinness PLC. "Nevertheless, our four major brands in the U.S. have all marginally gained share."

Tennant added that the company is performing well in Japan and Korea as a result of relaxed importation agreements, while sales of all company products continue to excel in Europe.

"In Guinness Brewing, worldwide sales of Guinness Stout and our brands generally continue to advance against increasing competition," Tennant explained. "Arrangements for the merger of our Malaysian and Singaporean operations with those of Heineken are proceeding."

Tennant added that he is "encouraged by moves toward liberalization of imports in Korea, and sees a benefit from the results."

The chairman also noted that in Great Britain canned draught Guinness has achieved full national distribution in the take-home trade and sales are encouraging. Tennant added Kaliber is the number-one alcohol-free lager and is now being introduced on draught.

"Profits in Europe reflect the impact of the new distribution arrangements established in 1988," Tennant reported.
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Title Annotation:Guinness PLC
Publication:Modern Brewery Age
Date:Oct 16, 1989
Words:264
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