Swoops for the Tennent’s lager brand and cider rival Gaymers helped C&C Group to a rise in volumes for the past year.
But sales at the Magners maker declined on an organic basis by more than 8% and pre-tax profits fell by almost 11% to €89.5m.
“We are pleased to report an operating profit performance modestly ahead of stated guidance,” said chief executive John Dunsmore. “Over the past 12 months, we have taken a series of steps to position the business to deliver consistent, long-term growth.
“We significantly strengthened our position in the long alcohol drinks sector through the acquisition of Tennent’s and Gaymers. Our intention to focus strategically on cider and long alcohol drinks is clarified further by our agreement to sell the group’s Spirits & Liqueurs business [for €300m].”
In February C&C named former Scottish & Newcastle boss Sir Brian Stewart as its new chair. He will replace the veteran Tony O’Brien in August.
C&C sells spirits arm to William Grant (30 April 2010)
Government backtracks on cider duty hike (7 April 2010)
Magners maker C&C names Stewart as new chair (18 February 2010)