Volumes down but earnings up for Molson Coors UK
Molson Coors says its UK earnings have increased, despite a “temporary reduction” in marketing spend.
The brewer – which owns the Carling and Worthington brands – admitted that volumes were lower in the second quarter of 2011, compared to the same period a year ago when the World Cup provided a boost.
The company said that underlying pre-tax income increased by 6.1% to $34.7 million (£21.3 million), and added that lower pension expenses and favourable currency movements also helped its cause.
Sales to retail decreased by 5.7% but the company said its share of the declining beer market had increased.
Globally, net sales rose 5.7% to $933.6 million but volumes slipped 2.8% to 13.1 million hectolitres.