C&C has reported notable increases in revenue and profit for its past financial year, which ended in February, as its Bulmers and Tennent's brands made market share gains.
The group recorded net revenue of €1,665.5m, up €13m from 2024 (€1,652.5m), and adjusted EBITDA of €112m, an increase of €18.3m year-on-year (€93.7m).
Operating profit before exceptional items rose €17.1m or 28.5% from €60m to €77.1m, and the group's operating margin increased one percentage point to 4.6%.
Adjusted profit for tax also rose €17.1m from €38.8m last year to €55.9m, and adjusted basic earnings per share grew from 8.1 cent to 11.7 cent. After making a basic earnings per share loss of 29 cent in 2024, C&C reported a 3.5 cent per share profit.
Free cash flow excluding exceptionals fell €16.8m to €68.8m, and the group's net debt excluding leases climbed €23m to €80.9m, while its leverage ratio increased marginally to 0.9x.
The group said the relaunch of Magners cider had led to some initial off-trade gains, and that customer numbers for Matthew Clark Bibendium, its distribution business for the hospitality trade, had risen 8%.
“The Group has progressed on a number of fronts over the last year, despite the ongoing challenging macro and market backdrop. Our two leading brands, Tennent’s and Bulmers gained market share and we see future growth opportunities for both," said Roger White, CEO of C&C, who joined the company in January.
"Our Premium brand performance is encouraging, benefitting from ongoing consumer appeal for premium beer and cider which is driving growth in this segment. Within Distribution, Matthew Clark Bibendum continued to deliver positive momentum, achieving consistently improved service levels, growing its customer base by 8%, providing great range and value."
In Ireland, on-trade volumes were in line with last year but the value of sales rose 9%, and the market saw a shift towards stout, premium beer, and ready-to-drink categories at the expense of standard lager and cider. International visitor spend rose 13%.
In the Irish off-trade, volumes fell 5% and values declined 2%, driven by drops in the cider category (-6% and -3%).
C&C has proposed. final dividend of 4.13 cent, up 4% from 3.97 cent last year, and recently commenced a €150m capital return programme by buying back a tranche of €15m in shares.
The group complained of "macro-economic and legislative headwinds" in the UK due to flagging consumer confidence and increases to the national minimum wage and employer National Insurance contributions announced in last October's Budget.
C&C said that there would be further price inflation as a result of the Extended Producer Responsibility (EPR) Levy in the UK and the Deposit Return Scheme (DRS) in Ireland.
Otherwise, he group said that current trade is encouraging, and that it expects no change to outturn for the current financial year.
“Looking ahead, year-to-date trading is encouraging. With the key summer trading period ahead, we are executing our plans for the year, supporting our customers, investing in innovation and brand-building, people, and systems, whilst continuing to simplify the business and control costs," said White.
"We remain focused on building a solid platform from which we can maximise the potential of the group. We are developing plans to grow sustainably whilst delivering on our financial targets, creating increased long-term shareholder value."
Photo: Roger White. (Pic: Supplied)
