Drinks group Cantrell & Cochrane, which also owns the Tayto crisp brand, has ruled out an early flotation, due to the current stock market volatility.
Managing director Tony O'Brien told business news this evening that a float wasn't a near-term option. "While markets remain volatile, we'll defer", he said, adding that the company wasn't under any great pressure to float as it had enough resources to carry out its strategy.
Cantrell & Cochrane today reported a sharp drop in annual pre-tax profits, from 48 million euros to 16 million. Operating profits, however, showed a 33% rise 116 million euros, with turnover up 22% to 670 million euros.
Above average summer temperatures, the millennium celebrations and a strong performance by Bulmers cider were the main reasons for growth.
The fall at the pre-tax level was mainly due to the company's decision to amortise all goodwill over a 20-year period in reponse to an accounting directive. This meant a write-off of nearly 33 million euros this year.
Interest charges were also higher, partly because of the £68m acquisition of Tayto last year. Tayto profits have grown, though no separate figures are given.
Mr. O'Brien said the company had invested heavily in Tayto's brand and facilities and had successfully defended its position after the heavily-publicised arrival of competition in the shape of Walkers crisps earler this year.
