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C&C operating profits up 10.6%

By BFN News | 08:04 AM | Tuesday 20 May, 2014

Drinks group C&C posts operating profits of �?¬126.7m for the year to the end of February - 10.6% up on last time. Net revenues rose by 30% to �?¬620.2m and the dividend of 10 cents per share is up 14.3%. Chief executive Stephen Glancey said: "FY2014 is our fifth successive year of earnings growth and our full year outcome represents a robust performance with continued progress against all financial measures. This performance was delivered while managing the change associated with the integration of recent acquisitions in Ireland, Scotland and the US. "Despite investing just over �?¬80 million of capital during the year, our balance sheet remains strong with net debt/EBITDA of less than 1.0x at the year end. Balance sheet strength, strong cash generation capability and resilient core markets will sustain a progressive dividend stream with full year dividend growth of 14.3%. "The cornerstone of our strategy is maintaining strong domestic brand market combinations. FY2014 marked continued progress towards this objective with the development of a customer focused, multi-beverage model in Scotland and Ireland. This includes an expanded and well-invested brand portfolio and enhanced sales force capability. In Scotland we are pleased with progress on Caledonia and Heverlee and in Ireland we are optimistic on the prospects for our new Irish lager, Clonmel 1650. "Macro conditions in Ireland and the UK are gradually improving and our businesses are well positioned to benefit from improved consumer sentiment in these key markets. In the UK, the broader cider market remains competitive and commoditised. We are focused on building a portfolio of authentic, traditional high quality ciders targeting the premium, and craft segments of the market. "In the US, the combined impact of integration, increased competition and distributor consolidation materially impacted our performance. While we have re-based our own short term expectations of growth, the market remains both attractive and dynamic." At 8:04am: (LON:CCR) CC Group PLC share price was +0.15p at 4.27p Story provided by

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