C&C Profits Rise
Published on May 15 2013 2:10 PM in General Industry
Drinks company C&C has reported a rise of 2.4% in its yearly profits, posting €113.9m profit to February 2013. Net revenue for the year fell by 0.8% to €476.9m, while pre-tax profits, before exceptional items, rose from €106.1m to €109m.
"Our results are in line with stated guidance and while it has not been an easy year for our core cider brands, with poor weather and increased competition, particularly in the UK, the second half did bring some trading stability in Ireland," said chief executive Stephen Glancey. He also noted that C&C's international business saw volumes increasing by over 55% in the year.The company said it continues to see a challenging market for cider sales but said its Tennent's brand is performing strongly, offsetting weakness in sales of Bulmers and Magners and other cider brands.
The company recently completed a deal to buy the Gleeson wholesaler business. It said this shows its "long term belief in Ireland as a place to invest and gives C&C a platform for domestic growth for the first time in many years".