Bulmers cider manufacturer the C&C Group has revealed that its net revenue rose 13.5% to €874.9 million, while its operating profit rose 9.2% to €63.8 million in the first half of its 2019 financial year.
The group's like-for-like adjusted diluted earnings per share grew by 5.8% while its basic earnings per share grew 7.5%, its latest results for the six months that ended on August 31, 2019 show.
Additionally, the group recorded free cash flow of €80.6 million, representing 112.7% of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA).
Operational Highlights
During the period the group boasted a resilient brand performance for Tennent’s, Magners and Bulmers.
Super premium craft organic revenue showed growth of +21%, now 8.5% of branded revenue.
Other operational highlights included innovation across markets with Bulmers Rose, Dark Fruit and Drygate extensions, the group said.
Cheltenham Gold Cup
The drinks company noted that Bulmers sponsorship of Cheltenham Gold Cup was also highlight for the company so far this year.
The feature race on the final day of the jump racing's showpiece event, took place on 15 March 2019.
In July 2017, Bulmers was unveiled as the exclusive sponsor of the event, in an agreement, which will run until 2022.
“Exceptional" Year
Reflecting on last year's performance, Stephen Glancey, C&C Group CEO, attributed an “exceptional” 2018 to the World Cup and a hot summer boosting demand.
“Despite challenging year-on-year comparatives we have delivered a resilient revenue performance in our core brands,” he stated.
Looking Ahead
Despite the economic uncertainties linked to macro and political issues, current trading is in line with expectations, he highlighted.
“Accordingly, we remain on track to deliver double digit EPS growth in FY2020 and on our steady state forward earnings targets,” he said.
Glancey explained that C&C has a significant balance sheet strength to support its targeted growth range and is committed to effective capital allocation and progressive capital returns.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.
