C&C says net revenue, volumes grew last year despite challenging trading

Drinks group C&C said it expects net revenues and volumes to grow in its 2023 fiscal year, despite a challenging backdrop.

The group also expects to recommence dividend payments later this year, after it issues its full-year results on May 24th.

In an update issued to the stock market, the drinks group, which includes Bulmers, Magners and Tennents in its product portfolio, said net revenues for the year ended February 28th 2023 would be around €1.69 billion, an 18 per cent rise of 2022. Volumes are predicted to be 4 per cent higher.

The group is anticipating an operating profit of €84 million for the period, up from €48 million in 2022, with challenges presented by softer than expected Christmas trading and the impact of strikes in the UK.

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Net debt was reduced significantly during the period to approximately €150 million.

C&C noted a technology project undertaken as part of its digital transformation was taking longer than expected to implement, hitting profitability and service, but noted service levels had largely returned to normal levels.

The drinks group said it was please with the performance of core brands Tennent’s and Bulmers, despite a challenging trading backdrop, with both continuing to grow category share.

“Given the strength of the balance sheet and cash flow generation, C&C intends to recommence dividend payments following the announcement of its FY2023 results and will evaluate the potential for further capital returns to shareholders in due course,” the company said.