Solid year for C&C as drinks group remains resilient

Drinks group C&C said earnings remained solid and profit grew as the company’s business remained resilient despite the economic headwinds.

In its final results for the 12 months ended February 28th 2025, the company said revenue of €1.67 billion was in line with the previous year, with growth in its Matthew Clark Bibendum unit offset by the sale of its Irish soft drinks business and lower contract volumes and poor weather hitting the UK and Ireland cider market. Pre-tax profit was €55.9 million, up 17 per cent year on year.

Adjusted earnings before interest, tax, depreciation and amortisation were €112 million, a rise of 19.5 per cent, while operating profit was 28.5 per cent higher at €77.1 million.

Its Tennent’s and Bulmers cider brands gained in market share, while Magners had already shown initial gains in the off-trade sector amid a relaunch.

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The group, which own the Bulmers brand in Ireland, said there was strong recovery in its distribution service levels.

“The group has progressed on a number of fronts over the last year, despite the ongoing challenging macro and market backdrop ,” said C&C chief executive Roger White. “Our two leading brands, Tennent’s and Bulmers gained market share and we see future growth opportunities for both. Our premium brand performance is encouraging, benefitting from ongoing consumer appeal for premium beer and cider which is driving growth in this segment.”

In a note to clients, Davy analysts said the results were in line with its forecasts. “Progress on platform stabilisation was evident during the year as Matthew Clark Bibendum returned to customer growth, underpinned by improved service levels,” they said.

The company is proposing a final dividend of 4.13 cent, a rise of 4 per cent on the previous fiscal year. That will bring the total dividend paid to 6.13 cent per share.

Turning to the future outlook, the drinks group said the current trading was “encouraging”, with limited impact on trading and costs from tariffs being imposed as part of the US’s escalating trade war.

“Looking ahead, year to date trading is encouraging. With the key summer trading period ahead, we are executing our plans for the year, supporting our customers, investing in innovation and brand-building, people, and systems, whilst continuing to simplify the business and control costs,” Mr White said.

“We remain focused on building a solid platform from which we can maximise the potential of the group. We are developing plans to grow sustainably whilst delivering on our financial targets, creating increased long-term shareholder value.”

C&C also confirmed it was committed to the previously announced €150 million capital return programme, with a €15 million tranche in the share buyback programme commencing on May 1st.