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(Alliance News) - C&C Group PLC on Tuesday said it sold US subsidiary Vermont Hard Cider Company to Northeast Kingdom Drink Group LLC for USD20 million.
The sale is expected to result in a net book profit, C&C said in a trading update ahead of its results for the 2021 financial year. The net proceeds from that and the earlier sale of Tipperary Coolers for EUR7 million will be used to cut debt.
C&C said it will continue to position itself as the "preeminent brand-led drinks distribution business" in the core UK and Ireland markets.
The Dublin-based drinks manufacturer and distributor said it returned to profitability in July, August and September 2020, when trading restrictions in the UK and Ireland were eased.
At-home volume share for C&C's three core brands - Tennent's, Bulmers and Magners - grew over the past 12 months, the company said.
"While our ability to trade has been severely restricted in hospitality, our brands have performed strongly in the off-trade. The group has been working hard to ensure that we are primed and ready to serve our on-trade customers as and when the hospitality sector is allowed to reopen, from a more streamlined base and with new brand partners, in the post pandemic market," Chief Executive David Forde said.
C&C reported liquidity of EUR315 million as of February 28, when its financial year ended. That's down from EUR387 million on October 20, 2020. Pre-IFRS 16 net debt was EUR362 million on February 28.
The FTSE 250 company will announce preliminary results for the 2021 financial year on May 26.
Shares were up 1.9% to 300.00 pence in London on Tuesday.
By Ivan Edwards; ivanedwards@alliancenews.com
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