Drinks group C&C has reported pre-tax profits of €110.9m for the year to the end of February.
This is up from €79.5m reported the previous 12 month period after what the company called a ''robust year''.
Net revenues fell to €480.8m from €509.9m amid a ''tough economic backdrop''. Operating profits for the year rose by 9% to €111.2m - in line with previous guidance.
C&C also announced a 24% increase in its full year dividend.
It is proposing a final dividend increase of 36% to 4.5 cent which sees its full year dividend increase to 8.17 cent.
The company said that economic conditions remained challenging in Ireland and the UK. Both markets saw on-trade volume declines as consumer sentiment remained weak.
Revenues in its Irish cider operations fell by 7% to €126.8m while its beer revenues rose 16% to €15.8m. Operating profits at its cider operations in Ireland dipped 2.3% to €42.2m, while operating profits at its beer division soared over 200% to €2.2m. It noted that home consumption in Ireland now accounts for 44% of total consumption, up from 41% in the previous year.
Revenues from its Magners UK cider operations rose by 4.1% to €136m while operating profits increased by almost 6% to €25.2m. Its Gaymers operations in the UK saw its revenues fall by 23% to €113.4m while operating profits rose by 7.5% to €4.3m.
C&C said the Magners brand remains in ''excellent health'' and investment levels in marketing were maintained. But it said that last year was a 'transitional year'' for the Gaymers business and the repositioned business is now set to improve returns through better utilisation of assets and an increased focus on the wider cider portfolio.
The company said that export growth of Magners accelerated in the second half of the year with volumes growing by 28.3%. North American volumes grew by 25% for the year, with Canadian volumes up 85%. Volumes in Australia jumped by 78% for the year and the company said Australia continues to display ''excellent growth''.
It added that trading at its Hornsby's export business is in line with expectations and integration is well under way. The company bought the Hornsby's cider brand from E&J Gallo Winery in November 2011.
Revenues at its Tennent's business fell 3.2% to €216.8m while operating profits rose over 22% to €22.3m. It said that the brand continued to perform robust in the pub trade in Northern Ireland, while it outperformed the on-trade market in Scotland.
''Our business model seeks growth through out brand-market combination, combining brand investment with a focus on local markets,'' commented C&C's group chief executive Stephen Glancey.
''In a challenging economic environment in Ireland and the UK, the group's results for the year demonstrate the resilience of his model,'' he added.
The C&C CEO said that the company's balance sheet strength and free cash flow characteristics will enable us to capitalise on organic and acquisition growth opportunities. He also said that the company intends to pursue ''a progressive dividend policy which is underpinned by a strong balance sheet and high free cash flow.''
The European Championships in June and Olympic Games in July and August will likely boost sales, but it is unclear whether they will make up for a weak consumer environment and poor spring weather in the British Isles, Mr Glancey said. Last year's first quarter was also boosted by a British royal wedding.
"We'd probably envisage a tougher first quarter to the end of May and a better second quarter to the end of August," the CEO added.
