Glass half-full as Tennent's owner takes currency hit

C&C cheered a 'significant' improvement in Tennent's volumes. Picture: Dan Phillips

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The owner of Tennent's Lager is predicting a fall in annual profits despite a 'resilient' performance for the brand.

Irish drinks group C&C, which also owns the Bulmers and Magners ciders, forecast an operating profit for the current year of about €94 million (£82m) to €96m – down from the figure of €103.2m posted for the year to February 2016.

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C&C said the main reason for the decline was the fall in the value of sterling, while investment in its brands offset its cost-reduction efforts.

Although the Dublin-based firm said in a trading update that Tennent’s volumes would likely be flat for the financial year that ended on 28 February, that would mark a “significant” improvement on the 4 per cent fall reported for 2016.

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It also flagged a “growing share in the key independent free trade channel” and said that Glasgow-based Tennent’s had outperformed the overall UK beer market, which was down 1 per cent.

C&C is due to publish its annual results on 17 May.

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