C&C profits in line with forecasts, revenue down

C&C profits in line with forecasts, revenue down

Drinks group C&C has reported profits before tax of €110.9m for the year to end February, up from €79.5m in 2011.

The company said operating profits were up 9% to €111.2m, in line with guidance, while total revenues for the year fell 4.8% to €480m.

"This was a robust performance against a backdrop of challenging economic conditions in ROI and the UK," the company said in a statement.

"Although Group volumes declined 10.5%, the positive impact of brand mix reduced the net revenue decline to 4.8%, on a constant currency basis."

Adjusted diluted earnings per share for continuing activities were up 13.6% to 27.6 cent.

"Operating margins improved to 23.1% up 2.9 ppts reflecting the Group’s strategic focus on driving brand value and greater operational efficiencies," the company said, reporting a net cash surplus of €68.3m at year-end.

"“We are pleased to report a strong financial and operating performance for the year, delivering operating profit in line with our stated guidance," CEO Stephen Glancey said.

"This has been a robust year for the Group.

"In our domestic markets, our brands and businesses performed well against a tough economic backdrop."

C&C owns brands including Bulmers, the leading Irish cider brand, Magners, the premium international cider brand, the Gaymers Cider Company range of branded and private label ciders and the Tennent's beer brand.

The company announced a 24% increase in its full year dividend to 8.17c per share.

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