City File: Grouse can't grouse
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Your support makes all the difference.Highland Distilleries, best known for its Famous Grouse hooch, could fairly grouse at conditions in the whisky business. Despite an increase in the brand's market share - it sells about 2 million cases worldwide - Highland is suffering from a widespread squeeze on prices.
But its links with Remy- Cointreau, in which it has in effect a 25 per cent stake, have brought whisky galore to the Gauls, and the company is extremely well managed. It also owns 35 per cent of Robertson & Baxter, which has just made a joint bid with Grand Metropolitan to buy North British Distillery. None of the costs of the bid fall on Highland.
Tomorrow, the company is expected to turn in pre-tax profits of about pounds 39m, up substantially on pounds 28.8m last year. This may sound like cause for a snifter, but the shares are only a hold: Scottish whisky will continue to see adverse conditions for a while yet.
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