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Drinks group C&C said it returned to profitability from June as the gradual reopening of the hospitality sector boosted net revenue.
Revenue rose 65 per cent to €657.3 million in the six months ended August 31st 2021, with operating profit reaching €16 million in the first half despite some restrictions remaining. The latter includes furlough income and temporary salary reductions of €5.2 million, with furlough discontinued in June when the business returned to profit.
Free cash inflow was €26.2 million pre-exceptional.
Net revenue in Ireland rose almost 26 per cent year on year to €115.1 million, with on-trade volume year on year growth accelerating in the second quarter as pubs reopened gradually.
The group said its efficiency and cost saving programme was on track, generating annualised savings of €9.0 million in the first half of the year compared to pre-Covid costs. It is targetting a total of €18 million in annualised savings in the current fiscal year.
C&C also recorded exceptional profit of €3.3 million during the period, which it said primarily related to the profit from the sale of Vermont Hard Cider Company, the release of Covid-19 provisions, and profit on the depot sale. That was offset by the cost of the rights issue and increased finance costs due to covenant waivers.
The group had a net debt and liquidity of €245.8 million and €474.9 million respectively at end of August.
“We are encouraged by how quickly the on-trade recovered and we are pleased to report that trading in the first half has been ahead of plan and our inherent cash generating strengths are reflected in the return of the business to cash generation from June 2021,” said C&C chief executive David Forde.
“With our well invested manufacturing facilities, close to the markets we serve, we have been able to react to demand and allocate resource accordingly, to maintain our output, notably being self-sufficient in CO2, navigating the supply issues faced by the industry. Further, we have been partly insulated from the on-going UK capacity constraints due to driver shortages through our network being owned and operated in-house, in addition to the advantages afforded by our leading scale and reach.”