Spanish spirits giant Grupo Osborne said it nearly tripled operating profits to EUR26.5m last year, helped by aggressive cost cutting and strong sales.

Separately, Osborne announced that it will launch a new energy drink called Toro X following the termination of a contract to distribute rival beverage Red Bull in Spain.

In a statement issued yesterday (5 June), Osborne said revenues for the year leapt 6.4% to EUR313m.

Puerto de Santa Maria, Cadiz-based Osborne said its financial expenses declined by 70% during the period, helping lower operating costs. That, coupled with buoyant sales for its Solan de Cabras and Santa Teresa water and Venezuelan rum brands, helped boost the bottom line.