C&C reports €150m once-off impairment charge, profits down
BULMERS maker C&C has reported a once-off impairment charge of €150m related to a reduction in US asset values based on lower profitability in that market and of its brands.
Net revenue growth was 10.3pc to €683.9m and C&C said operating profit in 2014 was lower at €115m, down 9.2pc as revenues increased.
The company said there was solid performance in the core segments of Ireland and Scotland with operating profit growth of 1.5pc and 1.8pc respectively
The company recommended final dividend increase of 22.8pc to 7 per share.
Full year dividend growth of 15pc and a pay-out ratio of 42.3pc.
“Our core businesses in Ireland and Scotland, which represent 86pc of operating profit, delivered modest earnings growth during the year, said chief executive Stephen Glancey.
"During the course of 2015, we continued to make progress towards our objective of building leading brand-led distribution businesses in both of these regions.
"This model reinforces the sustainability of our earnings and cash generation capability which, in turn, drives our ability to create and sustain value for shareholders.
"Our integration with Gleeson in Ireland has now completed and we are making solid progress with Wallaces Express. In addition, we continue to invest behind our iconic Bulmers and Tennent’s brands."