UK: Molson Coors Brewing Company UK returns to pre-tax profit during latest financial year

The UK arm of an American brewing giant, whose brands include Carling, Coors Light, Staropramen, Pravha, Worthington's and Doom Bar, returned to pre-tax profit during its latest financial year, while turnover moved past the £1 bln mark, the Insider reported on October 25.

Molson Coors Brewing Company UK also has a joint arrangement for the production and distribution of Cobra brands in the UK and Republic of Ireland, distribution rights for the Bavaria and Rekorderlig brands in the UK and a 100 per cent investment in Aspall Holdings, which owns the Aspall Cyder brand.

The company has reported pre-tax profits of £18.5 mln for the year to 31 December 2021, up from losses of £72.5 mln in 2020.

Turnover jumped from £937.5 mln to £1.16 bln over the same period.

A statement signed off by the board said: "The directors of the company have continued taking measures to reduce costs and maximising cash in response to Covid-19, whilst prioritising the physical and financial wellbeing of its employees and the medium to long-term recovery of the business to pre-pandemic levels of activity.

"The company remains focused on its core strategy of building strong brands for the long-term and being first choice for customers and consumers.

"The company's core strategy is aligned to plans to return to pre-pandemic trading levels, and the company is progressing successfully against these plans following the easing of lockdown measures in the UK in summer 2021."