Heineken sales drop but Spirit profit rises as summer reveals tale of two brewers
- Heineken sales fell by 1.5% to £4billion in the third quarter
- Spirit announced a 6% rise in sales, up to £800.1million
Summer rain brought a tale of two tipples as Heineken blamed the wet weather for soggy sales, but pubs group Spirit said profits rose 60 per cent.
The Dutch brewer, which also owns Strongbow and Bulmers ciders and Tiger beer, said sales fell 1.5 per cent to £4billion in the third quarter, and were down 4.1 per cent in the UK and Western Europe. Sales in Eastern Europe, a key market, fell by a steeper 8.5 per cent.
The group previously snubbed a takeover offer from the British brewer SABMILLER.
Soggy sales: Heineken blamed wet weather over the summer for poor sales, especially in Eastern Europe
But Spirit said the weather failed to dampen its trading, which saw annual pre-tax profits rise from £68.7million to £110.2million last year on sales that were up 6 per cent at £800.1million.
A large part of the profits boost came from a £49.9million disposal on some of its property.
The group said it is 'willing to recommend' a £723.2million takeover offer from larger rival Greene King earlier this week.
It has bucked the trend among struggling pubs firms by investing in more food. Shares climbed 1.25p to 102.25p.
Earlier this week Spirit announced it was close to agreeing a new deal with rival Greene King after the suitor offered a new improved £723million bid.
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