UK: Highland Spring sees FY profits slide
- Full-year net profits slide by 34% to GBP2.7m (US$4.2m)
- Operating profits climb by 6% to GBP4.6m
- Sales increase by 26% to GBP69.3m
- Outlook for 2011 "robust"
Highland Spring saw operating profits climb by 6% in 2010
Highland Spring has reported a drop in full-year profits.
The UK-based bottled water producer saw its net profits slide by 34% to GBP2.7m (US$4.2m) in the year to the end of December, hurt by tax and higher interest charges in the period. Operating profits, however, climbed by 6% to GBP4.6m in the 12-month period, the bottled water producer said today (30 September).
Sales in the period also increased, by 26% to GBP69.3m, but only due to the acquisition of the bottled water division of Dublin-based Greencore Group.
Despite the drop in profits, Highland Spring's chief executive, Les Montgomery, described the results as its "strongest ever financial performance".
"Our sparkling range was particularly successful retaining our number one slot, recording a 7.8% increase in sales which helped boost the core brand's performance," Montgomery said.
He added that the outlook for the group for 2011 is "robust" and the company is anticipating sales of GBP80m from volumes of 390m litres for 2011.
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