Thomas Hardy toasts new contract and healthy profits

NORTH West contract brewer Thomas Hardy Holdings is toasting a new contract win at the start of 2010 after witnessing its profits increase by more than 25%.

Thomas Hardy, which is headquartered in Warrington, saw its profits after tax increase by £389,000 to £518,000 in the year to September 30, 2009.

The company’s turnover also increased from £31.8m to £37m in a ‘time of increasing cost pressure and the UK’s economic downturn’.

Thomas Hardy’s report and consolidated financial statement makes it clear that its production volumes continued to grow across both the brewing and bottling sectors.

It states: “The brewing contract with Heineken UK continues to operate well and relationships are developing with a number of international drinks companies.

“In the post balance sheet period, an agreement in principle with a new customer has been reached. Production will commence in early 2010 and will contribute to the financial performance of the group.

“Strong cash generation from operation has enabled the group to continue to reduce its short to medium term debt. The prospects for the coming year continue to look promising and the group is expected to produce another healthy profit.”

At the end of the year, Thomas Hardy held cash balances of £1.6m which, it states, leaves it in a strong position going forward.

Last September it paid £850,000 to purchase another site it operates in the Cumbrian town of Kendal.