Cobra profits increase in year of lower revenue as Lord Bilimoria reaps the benefits

 
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Lord Bilimoria owns just under half of the beer maker (Source: Getty)

Cobra Beer co-founder Lord Bilimoria downed a cool £5.8m take-home after the company recorded a year of increased profits despite sinking revenues.

Cobra, a joint venture between brewer Molson Coors and Bilimoria, recorded a profit of £8.5m for 2016, up from £7.8m in 2015.

Read more: Lord Bilimoria on trade with India, immigration, and Brexit

Turnover was down from £62m to £57m, but reduced spending on marketing and other operating costs meant the company was still able to turn a profit.

It paid out £8m in dividends during the year and £3.8m after the year end. Lord Bilimoria, who owns a 49 per cent stake, took home £5.8m.

Read more: Dividends grew at the fastest rate since 2015 earlier this year

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