C&C Group PLC gets some comfort from off-trade in tough year

() said it is becoming more optimistic about prospects for the current year due to the progress of the vaccination programmes.

Trading in the twelve months to 28 February 2021 was heavily depressed by the pandemic restrictions, the alcoholic drinks group added, but cost savings measures across the group left it with €315mln of liquidity at the year-end and net debt of €362mln.

Off-trade was a bright spot, it said, as people drank more at home with pubs and restaurants shut with market share gains for Tennent’s, Bulmers and Magners apple cider in the UK.

Going forward, the objective is to position the company as the pre-eminent brand-led drinks distribution business in the UK and Ireland.

David Forde, C&C chief executive, said. “While our ability to trade has been severely restricted in hospitality, our brands have performed strongly in the off-trade.

“The group has been working hard to ensure that we are primed and ready to serve our on-trade customers as and when the hospitality sector is allowed to reopen, from a more streamlined base and with new brand partners, in the post pandemic market.”