Drinks group C&C has reported lower revenues and pre-tax profits for the six months to the end of August, but said its underlying performance had been "resilient".
C&C said its half yearly revenues fell by 4% on a constant currency basis to €273.1m from €307m the same time last year.
The company's pre-tax profits fell to €46m from €50.3m, while its operating profit slipped 4.9% to €50.5m.
C&C announced an interim dividend of 5.21 cent per share, up 5% on the same time last year.
Stephen Glancey, C&C's group chief executive, said that trading patterns over the first half of its financial year have been less predictable that it would normally anticipate.
"Currency and the revised commercial terms of our AB InBev arrangements have negatively impacted reported revenues and profits in the short-term," he said.
"However, much of our underlying performance has been resilient," he added.
During the six month period, C&C said that it continued to drive performance in Scotland, invest behind the strength of its core brands in Ireland and evolve its model in the UK through the agreement with AB InBev and its planned investment in Admiral Taverns.
In Ireland, C&C said it was seeing growing volumes and share in the grocery market, which was offset by further reductions in draught distribution under competitive pressure,
C&C posted a 5.7% drop in half yearly Ireland revenues to €164.2m from €183.6m, while operating profits dipped 2.6% to €26m from €26.7m.
Overall total branded beer and cider volumes were down 3% in the year.
C&C said the financial performance of the Ireland division was mainly hit by the revised terms of the distribution deal with AB InBev for their beer portfolio here, as well as reduced volume and margin performance in Bulmers.
Meanwhile, revenues in the company's GB division rose by 0.9% to €220.6m with operating profits for the six months up 4.4% to €16.4m on the back of good early summer weather.
Operating profits at C&C's Scottish operations jumped almost 10% higher to €18m from €16.4m while revenues rose by 5% to €148.2m from €141.2m with its Tennants's business having a strong first half.
C&C last month announced a £37m investment to buy a 47% sake in Admiral Taverns, which operates 845 community pubs across England and Wales.
The company noted in today's results statement that "volatile" market conditions remains across the industry.
However, it said it was pleased with its GB businesses, which have made a solid start to the second half of the financial year, while trading in Ireland has been marginally slower than expected due to the highly competitive cider market.
"We are increasingly confident that our brands, market positions, operational investments and now enhanced route-to-market infrastructure in GB will return the business to growth and deliver enhanced shareholder value over the medium term," the company added.
