C&C clears debts

Despite a volume decline of 2.4 per cent in sales of Bulmers cider year-on-year “in a challenging Irish market” which left RoI earnings (including the contribution from beer) flat, the C&C Group claims to be “effectively debt-free” following the announcement of its results for the year to 28th February 2011 which indicates that the company has reduced its debt from €365 million to just €6 million.

Operating profits at the Group increased 17 per cent to €105 million before exceptional items such as the €4.5 million from the Group’s discontinued Spirits & Liqueurs business.

Overall volume growth for Mangers of four per cent year-on-year reflects a 3.6 per cent growth in the brand in Great Britain, the world’s largest cider market, ahead of the growing cider category there. It also represents an export growth overall of 33.8 per cent.