(Alliance News) - C&C Group PLC on Thursday said that trading had been "resilient" over the festive period, as the company expects full-year profit to be in line with expectations.
The Dublin-based drinks maker and distributor, whose notable brands include Tennent’s, Magners and Bulmers, said that trading had been "resilient" over the Christmas period despite adverse weather in the UK. In the unaudited 10-month period to December, C&C reported a branded net revenue increase of 6% alongside a drop in distribution net revenue of 3%. No revenue figures were provided alongside the percentage changes.
The company said that operating profit for the full year ending 29 February will be in line with current market expectations. Operating profit was GBP84.1 million for the year ended February 2023.
Looking ahead, the company said that current market conditions remain challenging, but said it will focus on "mitigating inflationary impacts", improving operational efficiency, and increasing its customer base.
As a result of "increasing confidence" in its medium-term outlook, C&C also restated its October commitment to distribute up to EUR150 million to shareholders over the next three financial years, while maintaining a leverage target of 1.5 times to 2.0 times.
The company is due to publish its full-year results in May.
Shares in C&C were up 1.3% at 154.80 pence each in London on Thursday morning.
By Hugh Cameron, Alliance News reporter
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C&C Group (CCR)