UK: Asahi sees UK division�s losses deepen in most recent financial year

Japanese beer manufacturer Asahi, which also owns brands such as Peroni, saw its UK division's losses deepen in its most recent financial year. The London-based branch reported a pre-tax loss of £14m for 2023, following a loss of £6.3m in the previous 12 months.

The last time Asahi UK posted a pre-tax profit was in 2021, when it totalled £11.9m. However, newly submitted accounts to Companies House revealed that its annual revenue rose from £512.2m to £527.1m, as reported by City AM.

In addition to Asahi and Peroni, the group owns Fuller's Brewery, which produces brands like London Pride and Grolsch. Fuller's Brewery was previously the brewing division of London-listed Fuller, Smith & Turner.

Aiming to increase its market share in the UK, a statement approved by the board read: "The company will continue to manufacture, distribute and sell its range of quality beers and ciders brewed at its locations in the United Kingdom and provide a full portfolio of drink products to its customers."

It added: "The company's strategic priority is to grow market share within the UK through its portfolio of premium domestic and international alcoholic and non-alcoholic drinks."

Over the year, the average number of employees at Asahi UK dropped from 588 to 554. Asahi has owned Fuller's Brewery since Fuller, Smith & Turner accepted a £250m offer at the beginning of 2019.

The agreement included the Griffin brewery, its "spiritual home" in west London, which is now where Asahi's UK division is registered.

The deal also resulted in Fuller's other drinks operations Cornish Orchards, Dark Star Brewing and Nectar Imports being transferred to Asahi.

The agreement included the Griffin brewery, its "spiritual home" in west London, which is now where Asahi's UK division is registered.

The deal also resulted in Fuller's other drinks operations Cornish Orchards, Dark Star Brewing and Nectar Imports being transferred to Asahi.