C&C Group PLC (LSE:CCR), the cider and lager group, saw lower sales in its latest half-year despite strong performances from premium bands Menebrea and Orchard Pigs.
Tennent’s in the UK and Bulmers in Ireland, two of the core brands, were flat and down 3.5% respectively over the period due partly to heavy rain with higher prices helping to offset the fall in volumes at both labels.
In contrast, sales of Italian beer Menabrea sales rose by 17% with Orchard Pig cider up by 20%.
Ralph Findlay, chair and chief executive, said: “Despite unfavourable summer weather, our brands demonstrated inherent appeal and resilience with both Tennent's and Bulmers growing market share and Menabrea and Orchard Pig achieving double-digit revenue growth.
"I am also encouraged that we achieved significant growth in distribution in Matthew Clark and Bibendum with customer numbers in August +10% vs the prior year."
Findlay also reiterated C&C‘s commitment to return €150 million to shareholders over the next three years while forecasting full-year profits of €80 million this year rising to €100 million in 2027.
Interim operating profits to end August 2024 were €40.3 million on sales of €861 million though comparisons are affected by a restatement of the accounts following errors identified in June.
The interim dividend rises by 6% to 2c.