The Spanish wine and brandy group, Bodegas Williams & Humbert, recorded a gross profit for 2002 of €3.1m (US$3.35m), up 59% from 2001.

However, sales at the Jerez-based company fell by 15% to €51.1m (US$55.2m). The rise in profit and the fall in sales were both attributed to the company's decision to cease selling certain less profitable white wine brands. Williams & Humbert said that sales of brandy and Sherry both rose in 2002.