Operating Profits of €16.7 million at the Irish arm of the C&C Group compare to an operating loss of €6.7 million the previous year.
According to the company, “With the re-opening of the on-trade, off-trade net revenues dropped by 0.5% compared with FY2021. Our key focus in FY2022 has been stock availability and servicing the on-trade as it returned while planning and preparing for the implementation of Minimum Unit Pricing in January 2022”.
C&C’s RoI business traded directly with 95% of outlets here last February compared to pre-Lockdown February 2020 and volume sales of Bulmers cider were up 10% on the previous year too.
C&C optimised its Irish brand portfolio through ABV and pack format changes ahead of the introduction of Minimum Unit Pricing and early indications point to Bulmers having performed strongly compared to the market, it claims.
In all, a 208% growth in net revenues from on-trade sales in the UK and Ireland as a consequence of fewer trading restrictions throughout the year helped drive an overall 88% net revenue growth to €1.44 billion for the C&C Group as a whole.
C&C’s net revenue figure in its Full Year Results for the 12 months compares with €765.8 million in its previous year.
The company also announced an Operating Profit of €47.9 million for the full year, where an Operating Loss of €63.6 million had been declared for the previous year.
But the UK & Ireland off-trade performance remained strong despite the re-opening of the on-trade, with net revenues of €376.3m in FY 2022, down 3.4% compared to the previous FY2021.
“We are pleased with how trading has recovered and the subsequent strength of customer and consumer demand” commented C&C Group Chief Executive David Forde, “which we believe reflects the enduring importance of the on-trade and the role that it plays in our society.”
However he warned, “We are susceptible to further increases in our cost base which would necessitate further price increases. Despite the current positive sentiment in the hospitality sector post re-opening, we are mindful of the pressures being faced by consumers and its potential impact on future demand”.