Shares in drinks company C&C Group rose today after it reported a jump in annual revenues and operating profits in what was a "transformational year" for the company.
The company also said that its key Bulmers, Magners and Tennents brands performed well - with revenues up 5.5% - in their respective domestic markets on the back of last year's good summer weather.
Last April C&C bought Matthew Clark and Bibendum in the UK - the UK's biggest distribution businesses to the UK licensed on-trade industry.
The two companies serve the "large, attractive and robust" UK drinks market which is valued at €50 billion.
C&C said its group net revenue for the year to the end of February jumped by 188% to €1.575 billion from €548.2m the previous year on the back of its UK acquisitions.
Operating profits rose by 21.5% to €104.5m from €86.1m.
C&C has proposed a dividend of 15.3 cent per share, up 5% year on year.
Excluding the contribution from Matthew Clark and Bibendum and on a constant currency basis, C&C said its net revenue was up 3.2% on the previous year at €564.4m, while operating profit rose by 3.3%.
"It was a good year, obviously the weather was great last summer and there was a World Cup; but neither Ireland or Scotland were in the World Cup and the warm weather didn't benefit everybody," said C&C Group CEO Stephen Glancey. "I think we over-performed."
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He said that despite strong multi beverage brand led positions in Ireland and Scotland, access to the wider UK on-trade had always been a challenge.
But he said that the acquisition of Matthew Clark and Bibendum had changed this dynamic.
"It was a transformational year, the Matthew Clark and Bibendum acquisition sommersaults us into the biggest final mile distributor in the British Isles," he said.
"It does change the shape of the business, it gives us access to the UK on-trade, which is the most attractive profit pool and it gives us access to about 35,000 pubs, clubs and restaurants that we didn't have access to before."
However he said the positive impact of the weather is not something the company can rely on in future years, while uncertainty remains - ranging from the impact of geo-political events to the, as yet, unclear Brexit process.
"Set against this backdrop, earnings predictability is a challenge. However, we have continuing momentum across our business and the recovery and performance of Matthew Clark and Bibendum since acquisition is particularly pleasing," he stated.
But C&C is hoping to see some up-side to Britain's exit from the European Union, as it looks to strike British manufacturing and distribution deals with international firms.
Mr Glancey is also confident that the company can hold its own - and even grow - in the face of ever-increasing competition. That includes the growth of craft brands, but also the arrival of Heineken and Diageo to the cider market.
"When the sun shines in Ireland the Irish consumer goes back to Bulmers... when you've got a multi-generational brand you're confident about its success and you don't bother about the competition," he said.
"We've competed with [Heineken and Diageo] for years; we've got buying power too and we're much bigger than them in the Irish cider market."
C&C is continuing to target continued, double digit EPS growth in the current financial year and assuming "steady state" market conditions, it will target EPS growth in a mid to high single digit range.
Net revenue - on a constant currency basis - in its Irish division rose by 2% to €219.2m while operating profits increased by 0.5% to €40.3m on the back of the good summer weather and the World Cup in the first half of its fiscal year.
But C&C noted that competition remains intense in the Irish market, with new product launches by major international brewers across the beer and cider sectors.
It added that due to Brexit uncertainty, consumer spending - especially in rural areas - remains under pressure with the pub trade also impacted by the stricter drink-driving laws introduced last year.
Its Bulmers cider brand saw volume growth of 1.6% and revenue growth of 2.9% in the 12 month period and in line with the broader market, the growth was led by a strong performance in the off-licence trade.
Meanwhile its premium and craft portfolio had another strong year, with volumes at its Dublin craft brewery - Five Lamps - up 35%.
Shares in C&C closed higher in Dublin trade today.
