C&C Group Posts Double Digit Revenue Increase In FY 2015
Revenues at cider maker C&C Group rose 10.3% last year to €683.9 million, according to the group’s full year results to 28 February 2015. However, the drinks group saw its operating profit decline by 9.2% to €115 million.
Its core Irish and Scottish businesses posted a ‘solid performance’ of 1.5% and 1.8% respectively.
It said that the consolidation of the business following the integration of the Gleesons (Ireland) and Wallaces Express (Scotland) businesses delivered cost reduction in the year, while it was also able to see growth from new brands including Caledonian and Clonmel 1650.
While LAD volumes in Ireland were up 0.5% during the year, its cider business underperformed in the period.
Cider net revenue in the island of Ireland decreased by 7.5% of which volume accounted for 4.1% and price/mix for 3.4%. Bulmers, its core brand, saw its brand volume as a percentage of LAD slip to 8.8%.
Its North America business was the weakest performing of the group, seeing a 20.2% decline in revenue, and an 86.2% decline in profits.
Stephen Glancey, C&C Group CEO, said, “Our core businesses in Ireland and Scotland, which represent 86% of operating profit(i), delivered modest earnings growth during the year. During the course of FY2015, we continued to make progress towards our objective of building leading brand-led distribution businesses in both of these regions.
“This model reinforces the sustainability of our earnings and cash generation capability which, in turn, drives our ability to create and sustain value for shareholders.”
© 2015 - Checkout Magazine by Stephen Wynne-Jones