Tennent’s and Magners owner C&C has posted results in line with its expectations, with net revenue down 0.8% to €476.9m and operating profits before exceptional items up 2.4% to €113.9m.
The company said that a strong performance by Tennent’s helped offset what it called the “challenging” cider market. Caledonia Best performed well in the on-trade, becoming the second biggest ‘smooth draught ale’ brand.
The company’s international business stood out, with growth of +55.2%, representing 9.6% of total branded volumes. Among the highlights in the last year was the acquisition of Vermont Hard Cider Company, LLC (VHCC), the leading US craft cider company.
Stephen Glancey, C&C Group CEO, commented: “Our results are in line with stated guidance and while it has not been an easy year for our core cider brands, with
poor weather and increased competition, particularly in the UK, the second half did bring some trading stability in Ireland. We have had an excellent contribution from the Tennent’s brand both in domestic and international markets providing some balance to the increased competition within UK cider.”
He added that the next financial year will be a transition period as the company integrates its recently acquired businesses.”
