UK: Glenmorangie brands drive H1 profit growth
Glenmorangie, the Scotch whisky distiller today reported a 20% jump in first half turnover to £37.89m, leading to an increase in pre-tax profits of 19% to £5.01m. the company cited good growth in its key brands for the performance.
Earnings per 'A' Ordinary Share increased by 10% from 21.45p per share to 23.70p per share. Earnings per 'B' Ordinary Share increased by 11% from 10.63p per share to 11.80p per share.
Paul Neep, chief executive, said:"We have made good progress against all our strategic objectives. We are delighted with the strong performance of our premium malt brands which have benefited from continuous long-term investment.
In July, the Macdonald Family and associated Trusts, who together hold a controlling stake in Glenmorangie decided to sell their total shareholdings, thus triggering a sale of the entire group. On 20th October 2004 the board announced Moët Hennessy, the wine and spirits group of Louis Vuitton Moët Hennessy ('LVMH'), would acquire the business at a price of £300m.
"We believe this offer represents excellent value for all shareholders and provides the Group and the brands with a strong future within the LVMH family," a statement said today.
Total cased sales grew 30% reflecting strong growth of the company's premium malt brands and blended Scotch whisky volumes. Total overall branded malt sales grew 16%, with Glenmorangie, Ardbeg and Glen Moray up 11%, 27% and 52% respectively versus the same period last year.
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