C&C Group finishes year with 'robust return to trading'
Drinks maker C&C Group said on Wednesday that it had finished its 2022 trading year with a "robust return to trading", driven by strong consumer demand throughout the period.
C&C noted that second-half operating profits had been affected as a result of renewed government restrictions on the hospitality industry, particularly during the key Christmas trading period.
In January, however, restrictions in its core markets of the UK and Ireland were eased and led to positive trading in the on-trade, with the firm back trading with 81% of direct delivered outlets in February, with corresponding volumes at 68% and momentum building as outlets continue to re-open.
As a result, it now expects to report full-year operating profits of €45.0m-47.0m.
While the FTSE 250-listed firm acknowledged that it was operating in "an evolving inflationary cost environment", it highlighted that it had been afforded "a degree of protection" through its successfully executed €18.0m cost reduction plan, as well as recent price increases and input cost hedging.
C&C's full-year results will be published on 17 May.
As of 0805 GMT, C&C shares were up 1.53% at 193.0p.