UPDATE: C&C cuts costs and lifts dividend amid 'challenging market'

C&C Group PLC on Tuesday said profit rose in the first half of the year despite lower revenue.

C&C shares were down 1.8% to 133.60 pence early Tuesday in London.

C&C is Dublin-based beer, cider, wine, spirits and soft drinks maker, offering cider brands such as Bulmers, Magners and Orchard Pig and beer brands such as Tennent’s.

Pretax profit increased by 57% to €25.8 million in the six months to the end of August from €16.4 million a year prior, as operating costs were reduced €790.0 million from €832.9 million.

Excluding exceptional items, pretax profit was up 12% to €32.1 million from €28.6 million. Adjusted earnings before interest, tax, depreciation and amortisation was €58.1 million, up 1.9% from €57.0 million.

Net revenue fell 4.1% to €825.7 million from €861.4 million. C&C said the decline was due to the transfer of Budweiser Brewing Group volume in Ireland.

C&C declared an interim dividend of 2.08 cents per share, up 4.0% from 2.00 cents a year prior. It said it still intends to return €150 million shareholders via a combination of dividends and share buybacks in the three years to financial 2027. It completed €15 million in buybacks in the recent half year.

‘We have delivered a solid first-half performance against a challenging market backdrop,’ says CEO Roger White. ‘We believe we are well prepared for the all-important festive trading period, and whilst we expect challenging economic conditions to persist, we remain committed to the delivery of our full-year earnings targets.’

C&C also said its search for a new chief financial officer is underway. Last month, the company said Chief Financial & Transformation Officer Andrew Andrea will leave ‘no later than March 13’ to move to fellow FTSE 250 listing, Milton Keynes-based Domino’s Pizza Group PLC.

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