29th Oct 2024 10:16
(Alliance News) - C&C Group PLC on Tuesday reported interim results in line with expectations, following "poor summer weather and subdued market conditions".
The Dublin-based beer, cider, wine, spirits and soft drinks maker and distributor across the UK and Ireland said pretax profit for the six months that ended August 31 was EUR28.6 million million, falling 1.0% from EUR28.9 million last year. Net revenue was down 1.9% to EUR861.4 million from a restated EUR879.1.
Results from the prior year were restated due to accounting errors.
C&C declared an interim dividend of 2.00 euro cents, up 5.8% from 1.89 cents last year.
The company said current trading conditions were "tough", as poor summer weather affected sales and consumers remained cautious ahead of the UK government's autumn budget.
Despite this, C&C are "on track to meet full-year expectations", citing a EUR80 million operating profit forecast for the current financial year 2025 ending on February 28. This compares to a EUR84 million operating loss in financial 2024. C&C retain its target of EUR100 million in operating profit for financial 2027.
Chief Executive Officer & Chair Ralph Findlay said: "I am pleased to report earnings in line with expectations in the first half of financial 2025 as we rebuild performance and momentum within the business. Despite unfavourable summer weather, our brands demonstrated inherent appeal and resilience with both Tennent's and Bulmers growing market share and Menabrea and Orchard Pig achieving double digit revenue growth.
"I am also encouraged that we achieved significant growth in distribution in Matthew Clark & Bibendum with customer numbers in August up 10% compared to the prior year. We continue to make improvements with regards to customer service, which underpins our customer acquisition strategy.
"As we enter the busy Christmas and New Year trading period, we are committed to delivering outstanding service, winning customers, continuing to simplify the business and to further improve operating efficiency."
Shares in C&C Group were down 1.2% at 159.60 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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