C&C Group have announced that their full year operating profit is in line with current market expectations for the financial year of 2024.
The news comes as trading over Christmas was resilient, despite adverse weather and challenging market conditions.
Poor weather in July and August, as well as cost of living concerns, slowed profits in the following months, resulting in a levelling of profit expectations.
The group reported that their branded net revenue was up by 6%, in line with its half-year report.
This, paired with their distribution net revenue falling by 3%, means that operating profit is expected to be in line with current market expectation.
A full report on the financial year 2024 is expected in May.
Medium Term Outlook
The company noted increasing confidence in the medium-term outlook.
They cited strong cash generating capabilities as a factor in this.
Market conditions remain challenging for brands due to factors such as inflation and operating efficiency.
C&C Group aim to dispel these challenges as part of their medium-term goals.
They have emphasised their plans to focus on mitigating inflationary impacts, improved operating efficiency, business simplification, and gaining customers.
The board also reaffirmed its intention to distribute up to €150 million to shareholders over the next three fiscal years, while maintaining the group’s leverage target.
C&C Group are the owners of brands such as Bulmers, Tennants, Magners, and Bibendum Wine.
They own brand and packaging operators in Tipperary, Ireland, and Glasgow, Scotland.
Their full operating profit for the 2023 financial year was €84.1 million, up by 75% on the previous year.
C&C Group previously reported a ‘robust’ performance in Ireland during the 2024 financial year.