C&C forecasts earnings rebound in current year

Shares in C&C climbed by nearly 3% yesterday as the Irish drinks group gave an upbeat outlook for its current financial year, backed by a better-than-expected dividend lift for investors.

Despite posting drops in operating profit and group revenues for the 12 months to the end of February, C&C said it has returned to growth in its traditionally tough market of England and is “positioned to deliver earnings growth and strong cash generation in fiscal year 2017.”

The fiscal year 2016 results for the beer and cider maker — most notable for its Bulmers/Magners cider and its Tennent’s lager brands —showed a 3.1% drop in net revenue to €662.6m and a 10.3% fall in operating profit to €103.2m.