Banks (Barbados) Breweries Limited recorded a 3.9 per cent increase in the sales of some of its products, including a 138 per cent increase in the 250 ml Banks beer, during the last financial year.
Richard Cozier, managing director and chief executive officer of Banks Holdings Ltd, said a significant contributor to this success was the company’s ability to revive current brands and introduce new products.
In the group’s 2010 annual report for the year ended August 31 he said the net effect was an improvement to the bottom line performance of the company when compared to the previous financial year.
Cozier said it was important to note that the sales increase in 250-millilitre Banks came without any significant change in sales of 275-ml Banks, whose sales volume in 2010 was similar to 2009’s.
“PLUS sales increased by 13.4 per cent, benefiting from an improved package quality due to the introduction of the new labelled bottle,” he added.The CEO noted that major innovations in product offerings in 2010 included the introduction of Banks Amber Ale and Seven Strong Lager, which added volume to sales without compromising sales of existing brands.
He said export sales increased by 10.7 per cent due mainly to the introduction of Banks 250 ml in the region and Tiger Malt Ginger in Canada.
Cozier also reported that there was an overall improvement in line efficiency as well as significant improvement in reducing the product losses in packaging during 2010.
He said the new keg plant which was installed last January also brought about a significant reduction in losses during kegging. (NB)
