INDIA: UB Group denies Whyte & Mackay downgrade
A spokesperson for UB Group's United Spirits division told just-drinks today that the company has not reduced operating profits estimates for Whyte & Mackay.
Yesterday, business news channel CNBC reported that the loss of bulk supply contract to Diageo had forced United Spirits to reduce Whyte & Mackay's current year operating profits guidance to US35m (US$51.5m), from GBP55m previously.
Whyte & Mackay's operating profits for the 12 months to the end of March 2009 were GBP45.6m, compared to GBP49.4m for the previous 18 months, according to figures released earlier this year.
The managing director of Beam Global Spirits & Wine in Europe has warned of a potential brand drain from the UK spirits market unless the industry can work together to improve its profitability....
- Six key trends for alcoholic drinks in 2016
- Aus wine industry pays price for past failures
- What's in store for Super Bowl 50 - Focus
- Ten things to know about spirits in the US
- Will value-sharing in Travel Retail become reality
- William Grant & Sons restructures US team
- Diageo's Orphan Barrel The Gifted Horse - NPD
- SABMiller hits back in UK corporation tax row
- American rye whiskey sales leap 600% in five years
- Diageo's Oban Little Bay single malt Scotch - NPD
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global Beer Trends 2015 : Global Beer Trends and Long-term Forecasts
- Global Whiskey Market 2016-2020
- Global sparkling wine insights - market forecasts, product innovation and consumer trends research