C&C Group, the owner of the Tennent’s and Magners brands, and Matthew Clark and Bibendum Wine, has stated that trading over the Christmas period was “resilient” despite the poor weather in Britain.
In the 10-month period to December, the group’s branded net revenue rose 6%, while distribution net revenue slipped 3%.
The Irish drinks firm noted that its full-year underlying operating profit was still expected to be in line with current market expectations, adding: “While current market conditions remain challenging, mitigating inflationary impacts, improved operating efficiency, business simplification, and gaining customers continue to be the group’s operating priorities in the medium term.”
Greg Johnson, equity research analyst at Shore Capital, said the trading update was “reassuring” given the difficulties C&C has faced in recent months. This includes problems with an ERP implementation that cost the group around €25m.
C&C is due to publish its annual results in May.
