Drinks group C&C has reported an increase in pre-tax profits for the first six months of its financial year, as acquisitions lifted its sales.
But the group warned that economic conditions in its main markets of Ireland and the UK remained unpredictable.
Pre-tax profits for the six months to the end of August were €54.7m, compared with €52.1m a year earlier. Net revenue, which excludes excise duties, grew by 73% to €305.5m.
Trading profits increased by 29% to €63.4m, with its acquisitions including Tennent's and Gaymer's contributing €15.6m of this. The company is targeting a figure of €102m to €106m for the full year.
Profits in C&C's original cider business fell 1.8% to €47.9m, as revenue dropped 5.3% to €14.3m. C&C said the volume of Magner's cider sold in the UK grew for the first time since 2007, though only by 0.7%.
But cider profits in Ireland fell 8.6% to €27.8m as net revenue dropped by just over 8% to €58.1m. The volume of sales fell 3.7%, while lower prices knocked another 4.4% off revenues.
An interim dividend of 3.3 cent, up 10%, is being proposed. C&C also said its pension deficit more than doubled to €49.7m in the last six months.
C&C shares closed 1.9% higher at €3.12 in Dublin this evening.
