C&C Group PLC - Dublin-based beer, cider, wine, spirits and soft drinks - Swings to pretax profit of EUR7.1 million in its financial half-year that ended August 31 from a EUR25.4 million loss a year before. Revenue jumps 70% to EUR657.3 million from EUR386.7 million last year but remains below the EUR895.9 million recorded in the same period in 2019. Operating profit is EUR16.0 million in the recent six months, swung from a EUR13.2 million loss. Operating margin is 2.4%, down from 7.4% two years ago.
C&C says that in the recent half, it served 89% of the outlets that it had in 2019 before the pandemic, but sale per outlet has improved, meaning volume is at 93% of 2019. Expects operating profit of EUR50 million to EUR55 million for the full-year to the end of February, compared to an operating loss of EUR59.6 million in financial 2021 and profit of EUR118.6 million in financial 2020.
"We are encouraged by how quickly the on-trade recovered," says Chief Executive Officer David Forde, "and we are pleased to report that trading in the first half has been ahead of plan and our inherent cash generating strengths are reflected in the return of the business to cash generation from June 2021."
Current stock price: 264.60 pence, up 6.0% on Thursday
Year-to-date change: up 24%
By Tom Waite; thomaslwaite@alliancenews.com
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C&C Group (CCR)