Beverage giant C&C said it remains vigilant on the impact of inflation on the company’s cost base and consumer demand.
na Trading Update, released ahead of the group’s AGM today, C&C said it had posted a “solid” performance for the four months ended June 30, 2022, with net income up 6 percent from pre-pandemic levels .
C&C produces, markets and distributes beverages across the UK and Ireland including Bulmers and Magners Cider and Tipperary Water.
C&C said the company is currently operating in a “challenging inflationary environment”. The group highlighted in the report that one possible impact of rising inflation is a reduction in consumer demand.
The beverage maker said a “significant portion” of the company’s manufacturing costs are locked in for the current fiscal year. However, C&C added that it will proactively manage the cost base to assess whether price increases are needed to ease inflationary pressures on the company.
C&C also announced that the group’s chairman, Stewart Gilliland, would step down after four years in the role and ten years on the board.
For the year to the end of February, C&C reported an operating profit of €47.9m compared to a loss of €63.6m in 2021 after lockdowns. In the same period, sales increased by 87.8 percent to 1.4 billion euros.
https://www.independent.ie/business/irish/drinks-group-c-and-c-reports-solid-performance-despite-inflationary-pressure-41820481.html The beverage group C&C reports a “solid” performance despite inflationary pressure