C&C has delivered a ‘robust return’ to its off-trade business in its full year to 28 February 2022.
Despite the reopening of the on-trade during the period, the company reported net revenues of €376.3 million.
Overall, the Bulmers-maker delivered a net revenue increase of 87.8%, to €1,438.1 million, its latest financial report shows.
David Forde, C&C group chief executive officer, commented, “Following a period of unprecedented challenges for the hospitality sector, we are delighted to be back serving our customers and delivering our iconic and much-loved brands to our on-trade and off-trade partners.
“Encouraged by the reaction and resilience of the industry, we are pleased with how trading has recovered and the subsequent strength of customer and consumer demand, which we believe reflects the enduring importance of the on-trade and the role that it plays in our society.”
C&C – which manufactures, markets and distributes brands such as Magners, Tennent’s, Five Lamps and Tipperary – noted that it will continue to enhance its branded portfolio through increased investment and product development, utilising its ‘system strength’ to increase its position in premium beer and cider.
“Through investment in technology, we are creating a more streamlined and efficient business, which will, in turn, deliver an improved customer experience and service,” Forde said.
Looking forward, Forde highlighted that the group is operating in an evolving and challenging inflationary cost environment and will continue to monitor this closely over 2023 and beyond.
“We have already taken action to afford the business a degree of protection. Nevertheless, we are susceptible to further increases in our cost base, which would necessitate further price increases. Despite the current positive sentiment in the hospitality sector post-reopening, we are mindful of the pressures being faced by consumers and its potential impact on future demand,” Forde said.
“The group continues to play a key role in the UK and Ireland drinks market and is well positioned, with a market-leading platform and a position of financial strength, to drive sustainable growth and create long-term returns for our shareholders,” he added.