Spain's leading Sherry bodega and bottler of Tio Pepe, Gonzalez Byass, has just announced sales of €168.73m (US$152.31m) for its last financial year, which closed on 31st August.

In spite of the 10% rise in sales, net profits were down 7 % at €7.2m, due to an increase in marketing spend in support of its two flagship brands Tio Pepe Sherry and Soberano brandy.

Table wine sales including Beronia from Rioja and Altozano from La Mancha increased by 13 %.

Following the purchase of the Croft Sherry business from Diageo for €54.1m in September, Gonzalez Byass has set itself a 50% growth objective within in three years.

In order to reach this new turnover target of €250m, the company intends to increase exports in a number of key markets and a new subsidiary has been set up in Mexico to establish a base for the Soberano and Lepanto brands in what is the biggest export market for Spanish brandy.