Bulmers cider manufacturer the C&C Group has released it results for the six months that ended on August 31, 2019, revealing that its net revenue rose 13.5% to €874.9 million while its operating profit rose 9.2% to €63.8 million.
The group's like-for-like adjusted diluted earnings per share grew by 5.8% while its basic earnings per share grew 7.5%.
Additionally, the group recorded free cash flow of €80.6 million, representing 112.7% of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA).
"Pleased With The Progress Of The Business"
C&C Group CEO Stephen Glacey commented, "We are pleased with the progress of the business over the first half of the financial year with revenue growth of 13.5% and operating profits ahead by 9.2%.
"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. Cash generation is
excellent, with conversion at 112.7%, and our net debt/EBITDA stood at 2.04x at the end of August, ahead of
forecast.
"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. We have significant balance sheet strength to support our targeted growth range. C&C is
committed to effective capital allocation and progressive capital returns. In the first half of the year, we have invested €3.5 million in a range of business return projects. We have also bought back three million shares and are
proposing an interim dividend of 5.50c representing an increase of 3.2%."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
