Revenue down almost 7pc in twelve months at C&C
C&C saw its net revenue reduce 6.9pc year-on-year, primarily due to declines in wholesale, own label, and US revenues.
The company behind brands such as Bulmers and Magners said that the impact of the devaluation of sterling following the Brexit vote had cost the company €8m in the eight months following the UK’s decision to leave the EU.
Operating profit at the company was €95m, in line with the previous year, while its earnings before interest, taxation, depreciation, and amortization was down 3.1pc to €110m in the twelve months to 28 February 2017.
C&C’s export division continued to grow, with total volumes of exports increasing 3.9pc in twelve months. The Tennent’s brand was particularly successful delivering 17pc growth.
Announcing the results, C&C said that it had significantly increased its brand investment, up 12pc across core brands. The investment helped finance a number of campaigns including the ‘100pc Irish’ campaign for Bulmers.
“While trading remained tough, we invested in and delivered volume growth across our core brands, completed a major rationalisation of our production foot print, drove efficiencies across the business, and continued to grow our premium portfolio and export business,” Stephen Glancey, ceo of C&C, said.
The company said that it was increasing dividends to shareholders by 5pc to 9.37 cent per share.
During the year the company completed its €17m investment programme at its Clonmel facility, while its production rationalisation programme delivered €15m in cost savings.