C&C Group, the maker of Magners and Tennent's, has reported a 'solid trading performance' for the early part of its FY2023 financial year.
Net revenues in the four months to 30 June 2022 are 6% higher than pre-COVID levels, the group said in a trading statement at the start of its 'busy summer trading period'.
At the same time, C&C said that it continues to operate in a 'challenging inflationary environment', adding that it 'remains vigilant' on the potential impacts of this on both its cost base and the financial pressures being faced by consumers.
It noted that a 'significant proportion' of its manufacturing input costs for the year are fixed, and it will continue to 'proactively manage' its cost base, adjusting pricing in order to counter inflationary pressures as the year progresses.
Reflecting what the business said was 'the current recovery in trading', net debt to adjusted EBITDA, at 30 June 2022, fell to approximately 2.4, an improvement on the 3.4 reported at the end of February.
New Chair Appointed
C&C Group holds its AGM today (7 July), at which the business is set to announce a new chair, Ralph Findlay, following Stewart Gilliland's decision to step down from the position.
"I would like thank Stewart for his commitment and stewardship of C&C, during which time the group has transformed into the leading final-mile distributor to the on-trade in the UK and Ireland, while navigating the business through the most challenging period in our industry’s history," Findlay commented.
"The group has iconic brands, a leading distribution network and a strong capital structure to sustain its future growth ambitions. I look forward to playing a role in driving the future success of the business for all our stakeholders, including customers, consumers, employees and shareholders.”