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C&C Group PLC - Dublin-based beer, cider, wine, spirits and soft drinks - Says trading has been boosted by staycations, the European Football Championships and a "summer of good weather".
For the six months to August 31, expects to report revenue of EUR657 million, which would be up almost two-thirds from EUR398 million a year earlier. It is down 27% from EUR896 million from two years earlier, however.
C&C also expects to see a swing to profit, forecasting operating profit of EUR16 million, after a EUR12 million loss a year earlier.
Chief Executive David Forde says: "Despite sector challenges, our business has shown its inherent strength and cash generation capability in the first half of financial 2022. As the on-trade has progressively re-opened, we returned to profitability and worked closely with our customers to meet the resurgence in consumer demand.
"We continue to invest in our brands, most notably with the recent launch of multi-channel advertising campaigns for our iconic Tennent's, Bulmers and Magners brands. Our focus remains on building a better business by further developing our brand and system strength, while continuing to navigate the near-term capacity constraints our industry faces."
Notes it is "partly insulated" from UK shortage of heavy goods vehicle drivers, as distribution network controlled in-house.
"As a consequence have broadly met customer demand through the peak summer trading period. We continue to work closely with our partners to meet the resurgence in demand," company adds.
Current stock price: 233.80 pence, up 3.5% on Thursday
Year-to-date change: up 9.8%
By Paul McGowan; paulmcgowan@alliancenews.com
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