C&C has reported a return to profit while its half year net revenues soared by 65% as both indoor and outdoor hospitality across it core markets of UK and Ireland reopened.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the period stood at €30.8 million (up from €3.8 million the previous year), according to its latest trading update.
The drinks group's operating profit was €16 million, compared to a loss of €13.2 million in the first half of 2020.
“Following the easing of on-trade restrictions over the first half of FY2022, we are delighted to be back serving our customers and consumers in both indoor and outdoor hospitality across our core markets of the UK and Ireland," said David Forde, C&C group chief executive officer.
"We are encouraged by how quickly the on-trade recovered, and we are pleased to report that trading in the first half has been ahead of plan and our inherent cash generating strengths are reflected in the return of the business to cash generation from June 2021," he said.
"With our well invested manufacturing facilities, close to the markets we serve, we have been able to react to demand and allocate resource accordingly, to maintain our output, notably being self-sufficient in CO2, navigating the supply issues faced by the industry," Forde added.
'Partly Insulated'
Forde noted that the company has been partly insulated from the ongoing UK capacity constraints due to driver shortages through its network being owned and operated in-house, in addition to the advantages afforded by our leading scale and reach.
"This has allowed us to broadly meet demand over the peak summer trading period, ensuring we put our brands and our partner’s brands in the hands of the consumers who enjoy them," he concluded.
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