Aston Manor reports dip in profit

The company, whose brands include Frosty Jack’s and Kingstone Press, reported pre-tax profit down 2.6% to £4.25m.
It reported two major exceptional items for the year: an assets impairment charge of £262,086 and a £582,221 write-down in relation to its purchase of Devon Cider Company, now in liquidation.

Interest payments were also significantly higher in 2010 — £394,914, against £161,923 in 2009.

Operating profit rose 8.5% to £4.91m, with underlying operating profit before tax up 21% to £5.5m.

The company, in which ex-Aston Villa chairman Doug Ellis holds a controlling stake, said: “2010 was another outstanding year for Aston Manor, despite a difficult environment.

“We have once again delivered double-digit growth in both revenue and profitability.”

A dividend of £5m was paid in the year (2009: £600,000).

The company said raw material cost inflation is a “key challenge for the cider industry”. “While we are not immune to these pressures, we continue to exert tight control over these costs.

“Nonetheless, we have experienced yet further revenue growth in the first half of 2011.”