Dublin-based C&C group has posted a 9.2% year on year increase in operating profit to €63.8 million in the first half of its financial year.
The Bulmers maker saw net revenue increase by 13.5% to €874.9 million during the period.
The group's like-for-like adjusted diluted earnings per share grew by 5.8% to €16.3, while its basic earnings per share grew 7.5% to €15.7.
The company's super-premium craft portfolio witnessed a 21% growth in organic revenue, accounting for 8.5% of its branded revenue.
Resilient brand performance by Tennent’s, Magners, and Bulmers contributed to the company's performance in the period, the company said.
A 'Challenging' Year
Commenting on the group's performance, Stephen Glancey, C&C Group CEO, said, "Despite challenging year-on-year comparatives we have delivered a resilient revenue performance in our core brands."
"In the first half of the year, we have invested €3.5 million in a range of business return projects. We have also bought back three million shares and are proposing an interim dividend of 5.50c representing an increase of 3.2%."
Outlook
Describing the company's current trading to be "in line with expectations", Glancey, added, "We remain on track to deliver double-digit EPS growth in FY2020 and on our steady state forward earnings targets.
"We have significant balance sheet strength to support our targeted growth range. C&C is committed to effective capital allocation and progressive capital returns."
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
