Drinks group C&C, which makes Bulmers cider and Five Lamps Beer, has reported operating profits for the six months to the end of August of €63.8m, an increase of over 9% on last year.
Today marks the first set of results from the Dublin-based company since it delisted from the Irish stock exchange in favour of a listing on the main exchange in London.
C&C said its net revenues for the six month period rose by 13.5% to €874.9m while it has proposed an interim dividend of 5.50 cent, an increase of 3.2% on last year.
C&C's chief executive Stephen Glancey said that last year was exceptional with a World Cup and a hot summer boosting demand.
"Despite challenging year-on-year comparatives we have delivered a resilient revenue performance in our core brands," the CEO said.
Mr Glancey said that despite the economic uncertainties linked to macro and political issues, current trading is in line with expectations.
"Accordingly, we remain on track to deliver double digit EPS growth in FY2020 and on our steady state forward earnings targets," he added.
He also said the company has "significant balance sheet strength" to support its targeted growth range.
C&C said its Irish revenues for the six month period dipped by 3.1% to €120.6m from €124.5m the same time last year, while its operating profits slipped by 0.8% to €25.9m from €26.1m.
The company said that competition remains intense with significant new product launches by major international brewers across beer and cider.
"Despite this increased competition, our volume share of total cider held firm at 65% over the period. The number of on-trade licensed premises in urban areas rose 2.2% in the year, with a 5.7% increase in on-trade
wine licenses," the company said.
It said its Bulmers cider brand largely performed as expected, with market share returning to 2018 levels following last year's exceptional comparatives. Revenue for Bulmers fell by 4% in the six month period.
But its Five Lamps beer brand continued its "stellar growth" in the first half of C&C's fiscal year.
This month also saw the opening of the Five Lamps Dublin Brewery on Camden Street in the city centre.
C&C said that revenues for the UK division increased 2.7% with pricing and mix benefits offsetting volume declines. Operating profit rose by 3% with margins increasing by 10 basis points compared to last year year.
In Scotland, C&C said that pricing and mix management delivered a 4.2% improvement to net revenue despite volume declines on Tennent's.
"In England and Wales, net revenue was broadly flat with volume declines being offset by improved pricing," the company added.
C&C said the first half financial performance at its Matthew Clark and Bibendum division was in line with expectations.
It said revenue at the division were up by 22.6%, benefiting from better brand and customer mix, cost reduction measures and an additional month.
Operating profits of €11m were also €4.9m higher than last year.
C&C said that Bibendum was loss making in line with historic phasing, but it added that it expects the second half of the year to bring the business to break-even.
Meanwhile, operating profits for C&C's International division were flat compared to the same same time last year at €2.8m, with reduced cost infrastructure across both its North America and Export businesses offsetting the volume declines.
