Bulmers-owner sees revenue and profit drop amid "challenging" market conditions

Bulmers Cider

Bulmers producer C&C Group saw a drop in revenue and operating profit during its most recent financial year due to “challenging hospitality market conditions” impacting its distribution business as well as the planned exit from an agreement with the Budweiser Brewing Group (BBG).

In its financial year ending February 28, 2026, the firm recorded a decline in net revenue of 5.7% to just under €1.57bn while its operating profit before exceptional items declined by 8.56% to €70.5m.

The company said that the decline in revenue reflected in part the planned exit of BBG contractual volume in the Republic of Ireland, “alongside challenging hospitality market conditions impacting the Distribution business”.

However, its core brands Bulmers and Tennants saw net revenue growth during the year.

The company’s overall branded revenues increased by 4% to €309.5m reflecting positive sales growth for Tennent’s and Bulmers but was offset by declining cider volumes in Britain where brands experienced a period of disruption as the Magners brand was brought back in-house.

Operating profit in this segment stood at €51.0m representing an 11% improvement.

The exit of BBG’s portfolio from its distribution business in Ireland was part of an agreement which allowed C&C Group to to reassume control and distribution of Magners and its wider cider portfolio in Britain as of January 1, 2025.

The company said revenues in its distribution business in Ireland were down 27% and were “materially impacted” by the removal of the BBG portfolio from its off-trade sales.

In Ireland, C&C Group said trading conditions “were defined by resilient spending but growing caution, as households faced persistent cost pressures and heightened global uncertainty”.

In its outlook, the company said the “macro environment remains unstable meaning forecasting consumer behaviour and demand is challenging for all”.

“Notwithstanding this uncertainty, the Group has strong plans in place across the business, and we currently expect to meet full-year financial objectives, alongside delivering substantial progress in the development and delivery of our refreshed strategic framework.” 

Chief executive of the C&C Group Roger White said the company now has a “more stable” operating platform to build on.

“Having established the best route forward for C&C Group to create value and having done much of the preliminary enabling work required, we now look forward with a renewed focus and drive to deliver the necessary change and improvements we have identified to support our value creation ambitions,” he said.