THE Irish owner of Tennent’s Lager has highlighted the continuing momentum behind its Scottish business as it revealed underlying profits for the year will come in at the upper end City forecasts, writes Scott Wright.
C&C Group also flagged the tail wind generated by its Matthew Clark and Bibendum wholesale businesses as it targets earnings per share growth in the region of 20 per cent for the 12 months to February 28. The company highlighted Matthew Clark and Bibendum as potential game changers after stepping in to acquire the wholesalers after their previous owner, Conviviality, when into administration in April. With Matthew Clark supplying around 19,000 pubs in the UK, and Bibendum targeting around 5,000 “top-end” outlets in London, the deal dramatically enhanced route to market for C&C brands.
C&C said: “Matthew Clark and Bibendum have significant underlying momentum, across key financial and performance measures, with good progress made on the identification of synergy benefits. In our Scottish and Irish and branded businesses, positive trading momentum continued.
“The sponsorship of next week’s Cheltenham Gold Cup by our Irish cider brands, Magners and Bulmers, will build on this momentum.”
The company is due to report its results on May 22.
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