Magners and Bulmers cider maker C&C Group PLC (LSE:CCR) helped its shares fizz around 3% higher on Wednesday morning as it reported results in line with expectations and said current trading was "encouraging".
The FTSE 250-listed group proposed a 4% rise in the final dividend to 4.13c as it posted results for the year ended 28 February 2025, showing net revenue holding steady at €1.67 billion and operating profit bubbling up 28.5% to €77.1 million.
On a reported basis, the maker of Tennent’s lager swung to a £19.6 million pre-tax profit from a £111.6 million loss last time, which was due to a £125 million non-cash impairment the previous year to reflect challenging trading conditions in the UK cider market.
Market share gains were reported for its leading brands in the past year, with the relaunch of Magners showing early signs of success in the off-trade.
Chief executive officer Roger White said: "Looking ahead, year to date trading is encouraging... We remain focused on building a solid platform from which we can maximise the potential of the group."
The group maintained its €150 million capital return programme, with a €15 million share buyback launched in May. No changes were made to the company’s full-year outlook, with the medium-term target for operating profit to recover to €100 million also reiterated.