Investors cheer Bulmers maker C&C's growth plan despite €48m Covid lockdown hit

Shares in cider and beer maker C&C jumped by just over 4% despite the Irish drinks group taking a near €48m hit from the Covid-19 disruption, writing down the value of its US operations by over €34m and saying it is burning through €7m of cash per month.

C&C, best known for its twin Bulmers and Magners cider brands and its Five Lamps and Tennent’s beer brands – said it grew operating profit by 10.4%, to €116.4m, in the 12 months to the end of February

Shares in cider and beer maker C&C jumped by just over 4% despite the Irish drinks group taking a near €48m hit from the Covid-19 disruption, writing down the value of its US operations by over €34m and saying it is burning through €7m of cash per month.

Analysts have also warned it is likely to suffer losses of up to €30m in its current financial year.