Ireland: C&C group delivers resilient set of FY25 results as leading beer and cider brands gain market share

Irish drinks group C&C delivered a resilient set of FY25 results with operating profit rising to €77.1 million and strong progress across its distribution arm, The Drinks Business reported on May 28.

There’s something reassuringly old-world in the measured resilience of C&C’s branded division, which delivered an “in-line performance” for the year to 28 February 2025. While net revenue across the group held firm at €1,665.5 million (up €13 million from FY2024), it’s margin uplift that stole the show.

Operating profit before exceptional items rose 28.5% to €77.1 million, while adjusted EBITDA grew 19.5% to €112 million. The company noted “improved operating margins in Branded and Distribution segments” — a welcome sign of operational discipline in a tough macroeconomic climate.

As chief executive Roger White said, “Our two leading brands, Tennent’s and Bulmers, gained market share and we see future growth opportunities for both.” Indeed, market-leading positions were maintained as the group began the relaunch of Magners, reporting “initial Off-Trade gains”.

The premium segment, long touted as a margin sweet spot for brewers, also gave reason for optimism. “Our Premium brand performance is encouraging, benefitting from ongoing consumer appeal for premium beer and cider,” said White.

More quietly, perhaps, the turnaround story within the Matthew Clark Bibendum (MCB) distribution business continued to gather momentum. The group pointed to “recovering customer momentum”, with MCB customer numbers up 8%.

Operational metrics tell a similar story. Service levels reached 98% “On Time” and 96% “In Full” — a significant achievement in a sector where logistical slip-ups tend to linger. White was keen to underline the point, saying MCB had “continued to deliver positive momentum… providing great range and value.”

Revenue growth in the Distribution arm helped support overall group stability, with the division a cornerstone of C&C’s simplification and cost control programme. The company confirmed the “investment in control improvements and commencement of simplification programme” is underway.

While free cash flow fell to €68.8 million from €85.6 million, the group continues to generate strong liquidity and maintain a conservative financial position. The leverage ratio ticked up modestly to 0.9x, from 0.8x in FY2024.

The capital return programme remains on track, with a €15 million share buyback initiated on 1 May 2025 as part of the broader €150 million plan. A proposed final dividend of 4.13 cents per share represents a 4% increase on the prior year.

On earnings, adjusted basic earnings per share climbed to 11.7 cents, up from 8.1 cents in FY2024. Basic earnings per share swung from a loss of 29.0 cents to a gain of 3.5 cents.

The outlook from C&C is, as ever, careful and pragmatic. “Current trading encouraging and no change to expected outturn for the financial year,” the group noted. Tariff impacts appear limited, and the company is placing its bets on a strong summer trading season.

28 May, 2025