Drinks group C&C has recorded a 10.4% increase in operating profit to €116.4 million, according to its full year results published this morning.
The results cover the 12-month period to the end of February, prior to the introduction of Covid-19 restrictions and the closure of the hospitality sector.
They show net revenue at C&C was up 7.8% to €1.7 billion.
Commenting on the impact the closure of the hospitality sector is having on the company, Stewart Gilliland, Group Interim Executive Chairman said it has had "material implications".
Mr Gilliland said that 80% of the company revenue had come from on-trade market outlets prior to the outbreak and said they are now shifting their focus to off-trade channel.
"The emerging trend from this shutdown however has been an immediate shift in consumption dynamics, resulting in increased demand in the off-trade channel. To capitalise on this behavioural shift, we have reallocated resources behind our Take-Home proposition and seek to optimise our business model in this channel," he said.
C&C has outlined a number of actions it is taking to mitigate the impact of Covid-19, which include operational, financial and liquidity enhancing measures.
These include full drawdown of debt facilities, a 20% salary reduction on average across the workforce and the placing of 70% of employees on furlough.
The group said it has accounted for the Covid-19 pandemic as an adjusting event in the current financial year and has incurred an exceptional charge of €47.6 million at 29 February 2020 in this regard.
In light of the closure of pubs and restaurants in both Ireland and the UK, the Group said it reviewed its recoverability of the debtor book and advances to customers and booked an expected credit loss provision directly associated with Covid-19 of €19.4 million and €5.8 million respectively.