Bulmers owner trading 'in line with expectations'
Bulmers owner C&C has reported trading "in line with expectations" for the four months to 31 December 2018.
In a brief statement the group said the operational delivery and customer service at both Matthew Clark and Bibendum - a UK distributor it acquired in 2018 - have been very strong and ahead of plan.
The company, which also owns brands including Tennent's, said that across the rest of the group, positive trading momentum has continued into the second half of the year, with revenues tracking mid-single digit ahead of last year.
Looking specifically at the Irish and Scottish markets, and C&C said its combination of leading brands and distribution assets is "highly resilient, cash generative and delivering growth".
"Despite the current political uncertainty the group is increasingly well positioned going into 2019," Stephen Glancey, CEO of C&C, said.
"The new management teams and colleagues at Matthew Clark and Bibendum, have delivered an exceptional operating performance over the key Christmas period. With service levels restored, we now have stable platforms with real growth potential and unparalleled market access to the UK on trade," he added.
"With a strong balance sheet and normalised cash flow conversion of 60-70pc of earnings before interest, taxation, depreciation, and amortisation, we are poised to provide enhanced shareholder returns," Mr Glancey continued.