Yahoo Finance C&C returns to profit as Magners maker lines up pub industry veteran as chairman
C&C, the Magners cider maker tipped to bring in a pubs industry veteran Ralph Findlay on board as its next chairman, has returned to profit.
The FTSE 250 drinks maker, which also produces Tennent’s lager, suffered from pandemic disruption last year and parts of 2021 as lockdowns hammered pubs.
But the hospitality industry was able to start reopening in England from April, which has boosted C&C, alongside good demand during the Euros tournament, and people enjoying staycations.
The firm said net revenue for the six months to August 31 is expected to be €657 million (£600 million), compared with €398 million a year earlier, and €896 million in the same period in 2019 before the coronavirus outbreak.
C&C’s update came in the same week that it was reported that Findlay, 60, will replace chairman Stewart Gilliland after the firm’s annual meeting next year.
Findlay has led pub group and brewer Marston’s since 2001 and is set to step down as chief executive at the close of the financial year ending September 30. C&C declined to comment on the appointment, reported by Sky News. Marston’s also declined to comment.
Operating profit at C&C for the first half is expected to be €16 million, compared to a loss of €12 million.
The firm said while there is a general upward pressure on input costs, its exposure to commodity inflation is largely mitigated in this financial year by long-term supply contracts and partnerships.
The shares climbed 4.5%, or 10.2p, to 236.2p.
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