Shares in C&C up as profits at Bulmers maker rise
SHARES in C&C rose this morning after the company reported full year results in line that hit market expectations despite the poor weather.
The company, which owns Magners Cider, Tennents and a host of other brands, said full year profits rose marginally to €93m on the back of revenues of €724m.
In Ireland, revenues fell 6pc but volumes slipped by a little over 1pc as the market here began to stabilise.
Looking ahead, company chief executive Stephen Glancey said 2013 would be a “transitional” year as the business consolidates its international divisions. C&C bought two US cider firms and has had to integrate both of those firms into the company.
“Our results are in line with stated guidance and while it has not been an easy year for our core cider brands, with poor weather and increased competition, particularly in the UK, the second half did bring some trading stability in Ireland. We have had an excellent contribution from the Tennent’s brand both in domestic and international markets providing some balance to the increased competition within UK cider,” he said.
“The period was defined by two significant investments. In the USA we acquired the Vermont Hard Cider Company, increasing the Group’s exposure to an emerging category in a major potential market. Then in Ireland, just after the year end, we acquired the leading wholesaler Gleesons. This demonstrates our long term belief in Ireland as a place to invest and gives C&C a platform for domestic growth for the first time in many years,” he added.
Share rose 2.2pc to €4.75 in Dublin.