Tennent’s owner C&C toasts rise in profits

Drinks group C&C today announced a 10.6 per cent jump in annual operating profits, helped by “particularly strong” performances in Ireland and Scotland.

The Tennent’s owner, which also makes cider brands Bulmers, Gaymers and Magners, reported a profit of €126.7 million (£103.3m) for the year to 28 February, on revenues 30 per cent higher at €620.2m.

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Chief executive Stephen Glancey said: “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.”

C&C bought a 50 per cent stake in Irvine-based wine and spirit wholesaler Wallaces Express in March, and has since bought the remaining half of the business.