Drinks group C&C has reported higher profits for the six months to the end of August and said it remains on track to meet its full year expectations.
The company said its results were in line with expectations despite poor summer weather and subdued market conditions in the six month period.
C&C manufactures, markets and distributes branded beer, cider, wine, spirits and soft drinks across Ireland and the UK. Its brands include Bulmers and Magners cider, Tennent's and Five Lamps beer and Tipperary Water.
It said its half year underlying group operating profit before exceptional items increased by 29% to €40.3m, while its net revenues fell to €861.4m.
During the first half of its financial year, C&C said its core brands - Tennent's and Bulmers - saw a gain in on-trade market share, which further cements their market-leading positions.
As previously reported in June, C&C identified a number of accounting errors which have resulted in the restatement of results for the 31 August 2023 reporting period. The net result of these restatements has been the reallocation of €7.6m of operating profit from H2 to H1 in FY2024.
Its then CEO Patrick McMahon stepped down from the role after the accounting errors at the company were revealed. He was Chief Financial Officer during the periods to which these adjustments relate and acknowledged that the relevant shortcomings occurred at a time when he had overall responsibility for the group's finance function.
The company said today that the recruitment for a new CEO is currently underway.
Ralph Findlay, Chair of C&C, said the company's earnings were in line with expectations as it rebuilds performance and momentum within the business.
"Despite unfavourable summer weather, our brands demonstrated inherent appeal and resilience with both Tennent's and Bulmers growing market share and Menabrea and Orchard Pig achieving double digit revenue growth," Mr Findlay said.
He said he was also encouraged that it achieved significant growth in distribution in Matthew Clark and Bibendum with customer numbers in August 10% higher compared to the previous year.
"We continue to make improvements with regards to customer service, which underpins our customer acquisition strategy," he said.
"As we enter the busy Christmas and New Year trading period, we are committed to delivering outstanding service, winning customers, continuing to simplify the business and to further improve operating efficiency," he added.
