C&C reports a fall in revenues and operating profits
C&C has reported a fall in revenues and operating profits for the year to the end of February due to the company facing major challenges including poor weather and increased competition.
The drinks group said its full year revenues eased by 3.1% to €662.6m while operating profits fell by 10.3% to €103.2m, as it had previously guided.
In the 12 months the company increased its spend on marketing by 5.5%.
Despite the hit in earnings the firm is recommending increasing its final dividend paid out to shareholders by 27.4pc to 8.92c per share. The increase would represent full year dividend growth of 18.7pc.
C&C chief executive Stephen Glancey said the business faced challenges in its home markets.
“In our domestic businesses in Ireland and Scotland we faced a range of challenges including poor weather, increased competitor dynamics and of course the impact in Scotland of the changes to drink driving regulations.
“Integration of Gleeson’s and Wallace’s is now complete and we have a stronger customer focused platform which provides us with a competitive advantage as we build on the relative strengths of our local heroes, Bulmers and Tennent’s,” Mr Glancey said.
C&C’s Magners growth is back in both volume and market share in the UK . The company said Magners in draught experienced year on year growth in the second half of its financial year.
