Tennent's NI Records Increases In Pre-Tax Profits And Revenue For Year That Ended February 29, 2020
The latest accounts for Tennent's NI have revealed that the beer and cider company's pre-tax profits increased by £500,000 during the year that ended on February 29, 2020, while its revenue rose by £3...
The latest accounts for Tennent's NI have revealed that the beer and cider company's pre-tax profits increased by £500,000 during the year that ended on February 29, 2020, while its revenue rose by £3 million.
As reported by The Belfast Telegraph, the accounts reveal that the company's pre-tax profits increased from £6.1 million to £6.6 million during the 12 month period while its revenue rose from £55.7 million to £58.7 million.
Additionally, the number of people employed by Tennent's NI, which is part of the C&C Group, decreased from 104 to 93, the amount that the company paid in excise duties increased from £6 million to £12.99 million and its net turnover decreased from £49.7 million to £45.7 million.
Accounted For COVID-19 Pandemic As An Adjusting Event
According to the company's financial report, Tennent's NI accounted for the COVID-19 pandemic as an adjusting event, leading to an exceptional charge of £3.115 million at the end of the twelve month period that ended on February 29 of last year.
The Belfast Telegraph quotes the company's accounts as saying that Tennent's NI "reviewed the recoverability of its debtor book and advances to customers and booked an expected credit loss provision directly associated with COVID-19 of £707,000 and £2.214 million, respectively".
The accounts added, "The company also revised the stock balances and in particular stock that was due to expire in the short to medium term and booked a provision of £194,000."
Tennent's NI incurred restructuring costs of £449,000 after centralising its accounting.
The accounts also noted that the COVID-19 pandemic has impacted the company's business and economic activity, particularly C&C Group's on-trade business.
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.