Drinks company C&C Group revenues triple to €1.57 billion
By Maurice Garvey
BULMERS maker C&C Group made an operating profit of €104.5m in the 12 months to the end of February.
Headquartered on Keeper Road, Crumlin, the drinks group’s annual report 2019, showed that revenue almost tripled to €1.57bn, which included the 2018 acquisition of Matthew Clark and Bibendum in the UK.
C&C Group are headquartered at Keeper Road in Crumlin. The groups portfolio includes Tennent’s, Magners and a range of craft beer
These acquisitions and their subsequent operational recovery have helped propel the group’s financial performance with adjusted diluted earnings per share up 20.9 per cent year-on-year. Basic earnings per share was down 9.3 per cent on the prior year as the prior year benefitted from the recognition of €13.3m negative goodwill relating to the finalisation of the acquisition accounting of Admiral Taverns.
C&C Chairman Stewart Gilliland said the year has been a “period of significant strategic, operational and financial progress.”
He said strong performances of brands in Ireland and Scotland were “equally pleasing.”
“The acquisitions of Matthew Clark and Bibendum in the year fulfilled our long held strategic ambition to strengthen our route-to-market capability across the UK.
“With positive working capital inflows from these businesses in the second half and the benefit of our receivables financing programme, the net cash cost to the group of these acquisitions as at February 2019 was £76m.”
The group noted 2019 as an “exceptional year for trading” but acknowledge uncertainty surrounding the Brexit process.
Stephen Glancy, Group Chief Executive Officer, said they have “taken all necessary steps to plan for the worst while hoping for the most rationale outcome.”
C&C Group’s portfolio includes Tennent’s, Magners and a range of craft beers such as Heverlee and Orchard Pig.
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