REG - C&C Group Plc - Interim Results
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RNS Number : 0189F C&C Group Plc 28 October 2025
IMMEDIATE RELEASE
28 October 2025
C&C Group plc
('C&C' or 'the Group')
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2025
Strong cash generation underpinned by continued earnings and margin
progression
C&C Group plc, the owner of a range of market-leading branded drinks and a
leading drinks wholesaler across the UK and Ireland, announces its results for
the six months ended 31 August 2025 ('HY2026'). The Group's portfolio includes
market-leading brands such as Tennent's and Bulmers as well as a growing
collection of premium beers and ciders.
FINANCIAL HIGHLIGHTS
C&C reports results in line with expectations for the period:
· Net Revenue down 4%, principally reflecting the transfer of
Budweiser Brewing Group ('BBG') volume in the Republic of Ireland (ROI)
· Adjusted EBITDA up 2% to €58.1m and Operating Profit up 4% to
€41.9m
· Operating Margin up 0.4% points, with improvements in both
Branded and Distribution segments
· Strong underlying Free Cashflow of €41.7m, and half-year
leverage maintained at 1.1x.
FINANCIAL KPIs
€m HY2026 HY2025 vs HY2025
Net Revenue 825.7 861.4 (4)%
Adjusted EBITDA(1) 58.1 57.0 +2%
Operating Profit before Exceptional Items 41.9 40.3 +4%
Operating Margin(2) 5.1% 4.7% +0.4 ppts
Adj. Profit Before Tax 32.1 28.6 +12%
Adj. Basic Earnings per Share 6.7c 5.9c +14%
Basic Earnings per Share 5.4c 3.3c +64%
Underlying Free Cashflow(3) 41.7 19.4 +115%
Leverage Ratio(4) 1.1x 1.1x -
OPERATING HIGHLIGHTS
· Tennent's and Bulmers delivered Net Revenue growth and improved
market share(5)
· Encouraging Magners progress in Great Britain's (GB) Off-Trade
· Volume growth in GB On-Trade Distribution business
· Maintained strong Distribution service levels with >98% On
Time and >96% In Full
· Initiated innovation programme for Bulmers and Tennent's
OUTLOOK & CAPITAL RETURNS
· Current trading in-line and full-year earnings expectations
maintained
· Interim dividend up 4% to 2.08c per share
· €150m capital return programme on track; €15m share buyback
tranche completed in September 2025
· Search process underway for CFO replacement
Roger White, Chief Executive Officer, commented:
"We have delivered a solid first-half performance against a challenging market
backdrop. We continue to invest in initiatives to support improved business
performance - building brands, delivering service, range and value to
customers and consumers. In addition, we have made good initial progress in
our programme to simplify and improve our core business processes.
We believe we are well prepared for the all-important festive trading period,
and whilst we expect challenging economic conditions to persist, we remain
committed to the delivery of our full-year earnings targets".
ENDS
GROUP OVERVIEW
We have made further progress across the Group in the six months ended 31
August 2025 despite a challenging market backdrop. We have improved our
operating performance across the business ensuring we delivered market leading
service, range, and value to all our customers. In addition, we have made
further progress in improving our financial controls, whilst continuing to
invest in our core brands.
Group Net Revenues are 4% below last year, principally reflecting the impact
of lower Distribution revenues following the previously disclosed transfer of
BBG distribution in the Republic of Ireland plus modestly lower volumes,
especially in wine and spirits, in a number of our national customers in line
with wider market trends.
Underlying operating profit of €41.9m (HY2025: €40.3m) is up 4.0%, and
operating margin of 5.1% is up 0.4 ppts year-on-year, with progress in both
our Branded and Distribution segments. Underlying profit before tax increased
12% to €32.1m (HY2025: €28.6m) and on a statutory basis profit before tax
was €25.8m (HY2025: €16.4m), reflecting a lower level of exceptional items
than the same period in the prior year, further detail of which is described
in the financial report below.
The Group continues to be strongly cash generative, with underlying free
cashflow (before one off items) of €41.7m (HY2025: €19.4m), in part
reflecting the impact of timing on working capital and capital expenditure.
Net debt excluding leases at the end of the period was €91.5m (HY2025:
€81.4m) and our net debt to borrowings ratio was in line with the prior year
at 1.1x and consistent with our medium-term leverage target. As previously
highlighted, we have bank facilities extending to 2030 and no short-term
refinancing requirements.
Dividend and Shareholder Returns
The Interim dividend has been set at 2.08 cent per share (FY2025: 2.00 cent
per share), an increase of 4%. The dividend is due to be paid on 12 December
2025 to Shareholders registered at the close of business on 14 November 2025.
The Board retains its previously stated intention to distribute €150m to
Shareholders through a combination of dividends and share buybacks over the
three fiscal years ending FY2027. To that end, a further €15m share buyback
programme was completed in the period. Including the Interim Dividend above
this will bring the cumulative return to €92m and we are well on track to
deliver on this plan which is in line with the anticipated timeframe.
MARKET DYNAMICS
UK
2025 has been another year of turbulence for the hospitality industry,
influenced by changing fiscal and economic conditions, shifting consumer
trends and varied levels of consumer confidence. Despite these challenges,
there has been little material change in the number of licensed On-Trade
premises(6), however shorter opening days/hours and variable footfall has
driven volume challenges across certain hospitality channels. Drink-led venues
have proved more resilient, growing 1.0% in the last 12 months whereas
food-led outlets fell 2.9%(7).
In the Off-Trade channel, competitive pricing remains a feature in England and
Wales whilst, in Scotland, Minimum Unit Pricing continues to require careful
navigation for all brands.
Ireland
The Irish On-Trade is experiencing similar headwinds with mounting cost
pressures and some variability in consumer demand. International visitor spend
in June was down 6% year-on-year, though still ahead of 2023 levels(8).
Grocery prices continued their inflationary trend in 2025, outpacing overall
inflation, and recently reaching 6.3%(9).
Category dynamics
In the UK On-Trade, the shift in mix towards beer and cider continued in the
year, as consumers increased spending on both categories due to notable
preference towards lower tempo occasions as well as the prioritisation of
longer serves that represent greater value for money. Consequently, beer has
once again grown its value share in the On-Trade, rising by 0.8 percentage
points, now representing 45.4% of total category value share(10). Within the
beer category, stout continues to be the standout winner with sales value
increasing 17% vs the prior year(10).
This growth in beer has been at the expense of wines and spirits, both of
which have seen value share losses in the year. Wine value share has
experienced a moderate decline of 0.4%, largely reflecting reduced demand
through its two largest channels, hotels, and restaurants(10). Spirits value
share has declined by 1.0% in the year, with gin leading the volume decline
within the category(10.)
OPERATING REVIEW
Branded
Branded revenue declined 1.3% in the period to €170m. This principally
reflects growth in both our core brands and our premium brand portfolio,
offset by decline in the GB cider portfolio and lower contract manufacturing
volume. Operating profit was €26.7m up +2.7% year-on-year with operating
margins improving by 0.6% to 15.7%, benefitting from tight cost control and
the exit of low margin contract business in the period.
€m HY2026 HY2025 vs HY2025
Net revenue 170.0 172.3 -1.3%
Operating profit 26.7 26.0 +2.7%
Operating Margin 15.7% 15.1% 0.6%
Tennent's outperformed total lager in the On-Trade channel, increasing market
share by a further 0.6 ppts in the latest 28-week period(11). Tennent's net
revenues were up 1.4% in the 6-month period, with pricing offsetting a volume
decline of -2.8%. Overall beer consumption in Scotland declined over the
latest 6 months, with volumes -2.7%(11). During the period we celebrated 140
years of Tennent's through the "Braving the Summer since 1885" marketing
campaign. We also progressed our development plans in the "no and low" space
with the re-launch of a reformulated improved Tennent's Zero product and a
re-launch of Tennent's Light. In October we launched the first innovation on
the Tennent's brand for some time with the introduction of Tennent's Bavarian
Pilsner, the first in a range of Limited-Edition products.
Following our regaining control of the Magners brand in the UK in January
2025, our actions to reinvigorate the brand have commenced; kicking off with a
significant programme of above the line marketing activity, aimed to put
Magners firmly back on consumers radar as the original Irish cider over ice.
The "Magnertism" TV advertising campaign and associated trade activity
including a "Win a Trip to the Big Apple" campaign took place during the
summer months. As anticipated, the re-invigoration of Magners will take time
and these are important first steps in this programme. Although Magners'
volumes in the period were behind last year, we have started to make positive
progress especially in the Off-Trade with a number of new listings and an
improving rate of sale, however this was more than offset by weaker
performance in the On-Trade where a clear growth opportunity exists but will
take more time to deliver.
We continue to make good progress across our range of premium brands, with
particularly strong performances in our premium Italian lager, Menabrea, and
the challenger brand in the cider category, Outcider, now the third largest
On-Trade cider brand in Northern Ireland(12). We continue to see significant
growth opportunities in the medium term for our premium brands across our key
markets.
Bulmers net revenues in the period were up 6.6%. The positive impact of the
summer weather in Ireland supported our performance with total cider market
volumes, in both On-Trade and Off-Trade in growth at 4.1% and 5.8%
respectively in the latest 6 months(13). Encouragingly, Bulmers has achieved
share gains in the Off-Trade whilst maintaining stable share in the
On-Trade(14). During the period we launched Bulmers Zero with very positive
initial volumes and the Bulmers summer performance was supported by further
above the line investment with the "It's Our Time" campaign on air through
July and August.
Distribution
Distribution revenue declined 4.8% in the period to €656m reflecting both
the anticipated impact following the transfer of control of BBG distribution
in ROI and slightly lower volumes in UK, with some declines in larger National
groups, particularly in wine and spirits, in line with market trends.
Operating profit of €15.2m was up +6.3% year-on-year and operating margins
of 2.3% were up 0.2% on last year reflecting efficiency improvements and
strong cost control.
€m HY2026 HY2025 vs HY2025
Net revenue 655.7 689.1 (4.8)%
Operating profit 15.2 14.3 6.3%
Operating Margin 2.3% 2.1% +0.2 ppts
Net revenue of the GB Distribution business was down -1.1% with volumes -1.4%,
reflecting 2.8% volume growth in the On-Trade offset by declines in the
Off-Trade. The Off-Trade volume decline largely reflects lower supermarket
Own-Label volumes. Customer numbers in MCB were behind last year reflecting
our continued focus on creating a business that serves high-quality customers
delivering sustainable growth and profitability. Volumes into our national
account base were -0.5% below last year. Encouragingly, C&C outperformed
the market with share of GB On-Trade volume up 0.9ppts(15) on a Moving Annual
Total (MAT) basis.
Net revenue of the Irish Distribution business was down 29.6% with volumes
down 38.3%, driven primarily by the transfer of distribution of the BBG brands
on 1 January 2025.
Simplification, Efficiency and Sustainability
As we highlighted earlier in the year, we are focussed on providing the best
possible service, range and value to our customers and to do that we must
drive efficiency into everything we do across the business. In support of this
objective, we have launched the "Simply Better Growth" programme.
Our primary focus for this year is enhancing our data and trading
capabilities, underpinned by a significant investment in financial and
operational controls across the organisation. This includes investment in a
new data integration platform and accounting reconciliation tools which are
targeted to be implemented by the end of the current financial year. This will
complement the investment already made in Customer Resource Management (CRM)
plus work now underway on pricing, range, and logistics efficiency to support
our customers across the Group.
Operationally we continue to invest in our capability and efficiency across
both manufacturing and the wider logistics network. Our focus on Health and
Safety remains core to our operations as we strive to create the safest
working environment possible across our business.
Our strong commitment to ESG continues with many small steps across the Group
to improve efficiency, eradicate waste and use less materials in all we do. We
have also reaffirmed our commitments to reduce our overall carbon emissions
and, in support of this, we have committed to significant investment in a new
E-Boiler system for the Wellpark Brewery which, alongside our planned
investment in a state of the art dealcoholisation facility also at Wellpark,
confirms our commitment to meeting changing consumer needs and preferences as
we look to the future with increasing confidence.
BOARD CHANGES
As previously announced, Andrew Andrea, Chief Financial and Transformation
Officer, informed the Board of his decision to step down from the Board to
take up a new role as CFO at Domino's Pizza Group PLC.
Andrew remains committed to his current role with the Group and will remain in
post until the current financial year is completed. It is planned that Andrew
will step down from his role at C&C Group no later than 13 March 2026.
The search for a replacement for this role has commenced, with an external
search agency appointed, and a further update will be issued in due course.
LONGER TERM
Comprising strong brands and extensive distribution capability in different
geographies, C&C Group has been built through acquisition. However, the
integration of those acquisitions was not prioritised, and consequently,
systems, policies, procedures and cultures were not harmonised. We therefore
operate multiple business models in a group structure, without realising fully
the synergies available through increased scale. In recent years, to address
this, the stated objective has been to create 'One C&C'. This objective
has not been fully delivered due to the complexities of the business,
amplified by the lack of integration described. We therefore currently operate
in an uncomfortable middle ground, neither as an integrated group nor as
discrete business units.
We do believe that scale can bring significant benefits in our markets,
supporting the principle that C&C Group can and should add value by
operating across all segments of the beverage industry. To achieve this, we
must change how we operate as a business - simplifying, focussing on
execution, and creating leverage from our scale centrally and locally. Over
the course of the next 12 to 18 months, we will aim to create stronger local
and regional focus for our business, building our brands and developing our
wholesale credentials. We will drive efficiency from the centre out,
creating distinct business operating models under one strong core group. We
will develop winning consumer and customer propositions in each of our
business units.
Our core business segments will remain Branded and Distribution. In our
Branded segment, our fundamental driver will be growth, and in our
Distribution segment, we will focus our efforts primarily on margin. We will
further develop our detailed plans in the coming months to provide a full
update to the market in May 2026.
Outlook
We expect to see continued solid trading in the second half-year, and we have
strong plans in place for the key Christmas trading period. Our overall cost
projections for the year remain in line with our original forecasts, with the
exception of a minor increase in our IFRS16 depreciation forecast of €1m,
which is offset by lower IFRS16 interest costs. At this early stage, we do not
anticipate any significant changes to the inflationary environment for FY2027.
We remain committed to the delivery of our full year earnings expectations for
FY2026.
About C&C Group plc
· C&C Group plc is a leading, vertically integrated premium
drinks company which manufactures, markets and distributes branded beer,
cider, wine, spirits, and soft drinks across the UK and Ireland.
· C&C Group's portfolio of owned/exclusive brands include:
Bulmers, the leading Irish cider brand; Tennent's, the leading Scottish beer
brand; Magners the premium international cider brand; as well as a range of
fast-growing, premium and craft ciders and beers, including Menabrea and
Orchard Pig. C&C exports its Magners and Tennent's brands to over 40
countries worldwide.
· C&C Group has owned brand and contract manufacturing/packing
operations in Co. Tipperary, Ireland and Glasgow, Scotland.
· C&C is the No.1 drinks distributor to the UK and Ireland
hospitality sectors. Operating through the Matthew Clark, Bibendum, Tennent's
and Bulmers Ireland brands, the Group has a market-leading range, scale and
reach including an intimate understanding of the markets it serves. Together
this provides a key route-to-market for major international beverage
companies.
C&C Group is a FTSE 250 company headquartered in Dublin and is listed on
the London Stock Exchange.
Principal risks and uncertainties
We have an established risk management process to identify, assess and monitor
the principal risks that we face as a business. We have performed a robust
assessment of the principal risks facing the Group, including those that would
threaten its business model, future performance, solvency or liquidity.
The Directors consider that the principal risks and uncertainties which could
have a material impact on the Group's performance in the remaining 26 weeks of
the financial year remain substantially the same as those stated on pages 54
to 62 of the Group's Annual Financial Statements for the year ended 28
February 2025, which are available on the Group's website, C&C Group 2025
Annual Report
(https://annualreport2025.candcgroupplc.com/#:~:text=Explore%20C%26C%20Group%27s%202025%20Annual%20Report%2C%20showcasing,business%20performance%2C%20key%20highlights%20and%20approach%20to%20sustainability.)
.
Note regarding forward-looking statements
This announcement includes forward-looking statements, including statements
concerning current expectations about future financial performance and
economic and market conditions which the Group believes are reasonable.
However, these statements are neither promises nor guarantees, but are subject
to risks and uncertainties, that could cause actual results to differ
materially from those anticipated.
Certain figures contained in this announcement, including financial
information, may have been subject to rounding adjustments and foreign
currency conversions. Accordingly, in certain instances, the sum or percentage
change of the numbers contained in this announcement may not conform exactly
to the total figure given.
NOTES TO INTERIM RESULTS, INCLUDING FINANCIAL REVIEW, FOR THE SIX MONTHS ENDED
31 AUGUST 2025
1 Adjusted EBITDA is earnings before exceptional items, finance income,
finance expense, tax, depreciation, amortisation charges and equity accounted
investments' profit/(loss) after tax. A reconciliation of the Group's
operating profit to EBITDA is set out below.
2 Before exceptional items.
3 Free Cash Flow ('FCF') comprises cash flow from operating activities net of
capital investment cash outflows which form part of investing activities. A
reconciliation of FCF to net movement in cash per the Group's Cash Flow
Statement is set out below
4 Leverage ratio is defined as net debt (excluding lease liabilities) /
adjusted EBITDA (on a pre-IFRS 16 basis)
5 GB : On-Trade: CGA, 28 weeks to 6th Sep-25; Share of Lager Volume; ROI:
Off-Trade, AC Nielsen, 6 months to 31st Aug-25, Share of Cider Voume
6 CGA - CC Site Category Brand Share Report Jul-25; live sites snapshot as at
Jun-25
7 AlixPartners Hospitality Market Monitor, Jul 2025
8 Inbound Tourism - Central Statistics Office
9 Kantar WorldPanel Ireland
10 GB On-Trade: CGA, 28 weeks to 6th Sep-25
11 GB On-Trade: CGA, 28 weeks to 6th Sep-25
12 NI On-Trade: CGA, 6 months to 31st Aug-25
13 ROI: On-Trade: CGA, 6 month to 31st Aug-25; Off-Trade, AC Nielsen, 6M to
31st Aug-25
14 ROI: On-Trade: CGA, 6 month to 31st Aug-25; Off-Trade, AC Nielsen, 6M to
31st Aug-25, Share of Long Alcoholic Drink (LAD) Volume
15 GB : On-Trade: CGA, 28 w/e 6th Sep-25; C&C GB (Direct Supply), Data to
6th Sep-25
Webcast Details | Analysts & Institutional Investors
C&C Group plc will host a webcast for analysts and institutional
investors, today, 28 October 2025, at 0900 hours. Please contact
candccapmkts@instinctif.com (mailto:candccapmkts@instinctif.com) for webcast
joining details.
Contacts:
C&C Group plc
Roger White, Chief Executive Officer
Andrew Andrea, Chief Financial and Transformation Officer
Email: investor.relations@candcgroup.ie
(mailto:investor.relations@candcgroup.ie)
Investors, Analysts & UK Media:
Instinctif Partners
Justine Warren / Tim Pearson
Tel: 020 7802 2617 / 020 7802 2657
Email: candccapmkts@instinctif.com (mailto:candccapmkts@instinctif.com)
Irish Media
FTI Consulting
Jonathan Neilan / Paddy Berkery / Niamh O'Brien
Tel: +353 86 231 4135 / +353 86 602 5988 / +353 87 707 8379
Email: CandCGroup@fticonsulting.com (mailto:CandCGroup@fticonsulting.com)
FINANCIAL REVIEW
A summary of results for the six months ended 31 August 2025 is set out in the
table below:
Period ended 31 August 2025 Period ended 31 August 2024
€m €m
Net revenue 825.7 861.4
Operating profit((2)) 41.9 40.3
Net finance costs((2)) (9.8) (11.7)
Profit before tax((2)) 32.1 28.6
Income tax expense((2)) (7.0) (5.9)
Profit for the financial period((2)) 25.1 22.7
Basic EPS 5.4 cent 3.3 cent
Adjusted basic EPS((2)) 6.7 cent 5.9 cent
Diluted EPS 5.3 cent 3.3 cent
Adjusted diluted EPS((2)) 6.6 cent 5.9 cent
As described above, net revenue decreased 4% on a reported basis to €825.7m.
The operating profit of the Group, before exceptional items, for the six-month
period to 31 August 2025 was €41.9m compared to €40.3m in the prior
period, aided by the Group's Transformation programme driving efficiencies and
improving productivity.
The Group maintains a robust liquidity position with available liquidity of
€356.6m at 31 August 2025 (31 August 2024: €367.9m). The Group's financial
covenants are calculated on a pre-IFRS 16 basis, and the outcomes for these as
of 31 August 2025 were net debt (excluding leases): Adjusted EBITDA ratio of
1.1x and interest cover (12-month trailing) of 7.5x.
Basic EPS has increased by 64% compared to the same prior financial period,
with adjusted diluted EPS increasing by 142%.
Finance costs, income tax, and Shareholder return
Net finance charges before exceptional items of €9.8m (31 August 2024:
€11.7m) were incurred in the six months ended 31 August 2025. Of the €9.8m
net finance cost, €1.9m relates to the Group's debtor securitisation
facility (31 August 2024: €2.8m), €1.9m relates to USPP notes (31 August
2024: €1.9m), €2.3m relates to the Group's main bank lending facilities
(31 August 2024: €3.5m), €3.9m relates to lease interest (31 August 2024:
€3.6m), €0.4m relates to amortisation of prepaid debt issue costs (31
August 2024: €0.4m) and (€0.6m) relates to other interest income (31
August 2024: (€0.5)m). The Group also recorded a net cost of €0.1m (31
August 2024: €0.1m) of exceptional finance costs associated with the
interest discount impact on onerous contract provisions from prior periods.
Income tax expense for the period, excluding the impact of exceptional items,
was €7.0m (31 August 2024: €5.9m). The income tax credit with respect to
exceptional items was €1.3m (31 August 2024: €2.4m). In line with IAS 34
Interim Financial Reporting the effective tax rate for the period ended 31
August 2025 was 22.0% (31 August 2024: 21.3%). The effective tax rate is
influenced by several factors including the mix of profits and losses
generated across the main geographic locations.
The Board declared a full and final dividend of 4.13 cent per Ordinary Share
(2024: 3.97 cent per Ordinary Share) which was paid to Shareholders on 18 July
2025 equating to a distribution of €15.9m (2024: €13.4m), all of which was
paid in cash.
Exceptional items
The Group has included exceptional costs on a before tax basis of €6.3m
(2024: €12.2m) in the current financial period, €5.8m in respect of
strategic restructuring programmes (2024: €7.6m) and €0.4m (2024: €2.9m)
was incurred for risk management and control reviews arising from restatement
issues associated with prior reporting periods. Further details will be set
out in the FY2026 Annual Report.
Cashflow
Summary cash flow for the six months ended 31 August 2025 is set out in the
table below. Free cashflow has improved by €22.5m compared to the prior
period. The Group generated a free cash inflow of €41.7m (31 August 2024:
€19.4m) pre-exceptional and a related free cash flow conversion of 72% (31
August 2024: 34%).
The Group maintains a £150.0m receivables securitisation facility (£120.0m
committed, £30.0m uncommitted) renewable annually in May. As at 31 August
2025, €136.1m of this facility was drawn (28 February 2025, €109.8m; 31
August 2024 €115.6m).
Six months ended 31 August 2025 Six months ended 31 August 2024
€m €m
Operating profit 35.7 28.5
Exceptional items 6.2 11.8
Operating profit before exceptional items 41.9 40.3
Amortisation and depreciation charge 16.2 16.7
Adjusted EBITDA((1)) 58.1 57.0
Cash flow summary 58.1 57.0
Adjusted EBITDA((1))
Tangible / intangible net expenditure (4.6) (9.3)
Advances to customers 1.1 1.1
Working capital movement (4.9) (15.3)
Income taxes received / (paid) 1.4 (3.2)
Exceptional items paid (6.9) (7.1)
Net finance costs paid (10.1) (11.4)
Pension contributions paid (0.1) (0.2)
Other* 0.8 0.7
Free Cash Flow((3)) 34.8 12.3
Free Cash Flow((3)) exceptional cash outflow 6.9 7.1
Free Cash Flow((3)) excluding exceptional cash outflow 41.7 19.4
Reconciliation to Condensed Consolidated Cash Flow Statement
Free Cash Flow((3)) 34.8 12.3
Proceeds from sale of asset held for sale 0.3 1.2
Dividends paid (15.9) (13.4)
Payment of lease liabilities (10.5) (8.9)
Drawdown of debt - 5.0
Share sale/buy back (15.1) (14.8)
Net (decrease)/increase in cash (6.4) (18.6)
* 'Other' primarily relates to the add back of share options, pensions debited
to operating profit, and net profit on disposal of property, plant and
equipment.
Pensions
In compliance with IFRS, the net assets and actuarial liabilities of the
various defined benefit pension schemes operated by Group companies, computed
in accordance with IAS 19 Employee Benefits, are included on the Condensed
Consolidated Balance Sheet as retirement benefits.
At 31 August 2025 the Group had a retirement benefit surplus of €36.6m (31
August 2024 net surplus: €33.9m, 28 February 2025 net surplus: €32.0m).
All schemes are closed to new entrants. There are 2 active members in the
Northern Ireland ('NI') scheme and 44 active members (less than 10% of total
membership) in the Republic of Ireland ('ROI') schemes. The Group has an
approved funding plan in place, the details of which are disclosed in Note 9
of the Condensed Consolidated Interim Financial Statements. The most recent
actuarial valuations of the ROI defined benefit pension schemes were carried
out with an effective date of 1 January 2024 while the date of the most recent
actuarial valuation of the NI defined benefit pension scheme was 31 December
2023.
Arising from the formal actuarial valuations of the Group's staff defined
benefit pension scheme, the Group committed to contributions of €294,000 per
annum commencing in 2025 and increasing at a rate of 2.3% each year
thereafter. This will be reviewed at the next actuarial valuation, which is
due to be completed in the normal course of events on 31 October 2027. There
is no funding requirement with respect to the Group's ROI executive defined
benefit pension scheme or the Group's NI defined benefit pension scheme, both
of which are in surplus.
The key factors influencing the change in valuation of the Group's defined
benefit pension scheme obligations are as outlined below:
€m
Net surplus at 28 February 2025 32.0
Employer contributions paid 0.1
Current service cost (0.2)
Net interest income on scheme liabilities/assets 0.6
Experience gains and losses on scheme liabilities 10.0
Effect of changes in financial assumptions 2.7
Actual return less Interest income on scheme assets (8.4)
Translation adjustment (0.2)
Pension surplus at 31 August 2025 36.6
The increase in the net surplus of the Group's defined benefit pension schemes
from the 28 February 2025 to 31 August 2025, as computed in accordance with
IAS 19 Employee Benefits relates to a decrease in liabilities due to a
marginal increase in bond yields over the six-month period.
Currency Risk Management
The reporting currency and the currency used for all planning and budgetary
purposes is Euro. However, as the Group transacts in foreign currencies and
consolidates the results of non-Euro reporting foreign operations, it is
exposed to both transaction and translation currency risk.
Currency transaction exposures primarily arise on the Sterling and US Dollar
denominated sales value Group's Euro subsidiaries, and Euro purchases in the
Group's GB business. The Group seeks to minimise this exposure, when possible,
by offsetting the foreign currency input costs against the same foreign
currency receipts, creating a natural hedge. When the remaining net currency
exposure is material, the Group enters into foreign currency forward contracts
to mitigate and protect against adverse movements in currency risk and remove
uncertainty over the foreign currency equivalent cash flows. Forward foreign
currency contracts are used to manage this risk in a non-speculative manner
when the Group's net exposure exceeds certain limits as set out in the Group's
treasury policy. In the current financial year, the Group had €10.3m of
forward foreign currency cash flow hedges outstanding.
The average rate for the translation of results from Sterling currency
operations was €1:£0.8525 (6 months to 31 August 2024: €1:£0.8514) and
from US Dollar operations was €1:$1.136 (6 months to 31 August 2024:
€1:$1.0840).
Directors' responsibility statement in respect of the half-yearly financial
report for the six months ended 31 August 2025
We confirm our responsibility for the half-yearly financial report in
accordance with the Disclosure Guidance and Transparency Rules ('DTR') of the
Financial Conduct Authority ('FCA') and with IAS 34 Interim Financial
Reporting as adopted by the EU, and that to the best of our knowledge:
· the condensed set of financial statements comprising the
Condensed Consolidated Income Statement, the Condensed Consolidated Statement
of Comprehensive Income, the Condensed Consolidated Balance Sheet, the
Condensed Consolidated Cash Flow Statement, the Condensed Consolidated
Statement of Changes in Equity and the related notes have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
· the interim management report includes a fair review of the
information required by:
(b) DTR 4.2.7R,
· being an indication of important events that have occurred across
the first six months of the financial year and their impact on the condensed
set of financial statements; and,
· a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R,
· being related party transactions that have taken place in the
first six months of the current financial year and that have materially
affected the financial position or performance of the Group during that
period; and,
· any changes in the related party transactions described in the
last Group Annual Financial Statements that could have a material effect on
the financial position or performance of the Group in the first six months of
the current financial year.
The Directors of C&C Group plc, and their functions, are listed in the
Group's Annual Financial Statements for the year ended 28 February 2025, with
the exception of the following changes:
· On 18 September, the Group announced that Andrew Andrea would be
stepping down from the Board and leaving the Group. The search for a new CFO
started immediately, in line with the C&C succession plan.
The Group's auditor has not audited or reviewed the Condensed Consolidated
Interim Financial Statements or the remainder of the half-yearly financial
report.
On behalf of the Board
Roger White
Andrew Andrea
Chief Executive
Officer
Chief Financial & Transformation Officer
28 October 2025
Condensed Consolidated Income Statement (unaudited)
For the six months ended 31 August 2025
Six months ended 31 August 2025 Six months ended 31 August 2024
Before exceptional items Exceptional items Total Before exceptional items Exceptional items Total
(Note 3) (Note 3)
Notes €m €m €m €m €m €m
Revenue 2 985.7 - 985.7 1,040.9 - 1,040.9
Excise duties (160.0) - (160.0) (179.5) - (179.5)
Net revenue 2 825.7 - 825.7 861.4 - 861.4
Operating costs 2 (783.8) (6.2) (790.0) (821.1) (11.8) (832.9)
Group operating profit/(loss) 2 41.9 (6.2) 35.7 40.3 (11.8) 28.5
Impairment of assets held for sale 3 - - - - (0.3) (0.3)
Finance income 1.1 - 1.1 1.1 0.1 1.2
Finance expense (10.9) (0.1) (11.0) (12.8) (0.2) (13.0)
Profit/(loss) before tax 32.1 (6.3) 25.8 28.6 (12.2) 16.4
Income tax (expense)/credit 4 (7.0) 1.3 (5.7) (5.9) 2.4 (3.5)
Group profit/(loss) for the financial period 25.1 (5.0) 20.1 22.7 (9.8) 12.9
Basic earnings per share (cent) 5 5.4 3.3
Diluted earnings per share (cent) 5 5.3 3.3
All of the results are related to continuing operations.
The accompanying notes are an integral part of the unaudited condensed
consolidated financial statements.
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
For the six months ended 31 August 2025
Six months ended Six months ended 31 August 2024
31 August 2025
Notes €m €m
Other Comprehensive Income:
Items that may be reclassified to Income Statement in subsequent periods:
Foreign currency translation differences arising on the net investment in (18.4) 6.9
foreign operations
Gain relating to cash flow hedges 0.6 -
Items that will not be reclassified to Income Statement in subsequent periods:
Remeasurement on retirement benefits 9 4.3 (0.8)
Deferred tax on remeasurement (0.5) 0.2
Net (loss)/profit recognised directly within Other Comprehensive Income (14.0) 6.3
Group profit for the financial period 20.1 12.9
Total comprehensive income for the financial period 6.1 19.2
The accompanying notes are an integral part of the unaudited condensed
consolidated financial statements.
Condensed Consolidated Balance Sheet (unaudited)
As at 31 August 2025
At 31 August 2025 At 28 February 2025
Notes €m €m
ASSETS
Non-current assets
Property, plant and equipment 280.1 274.4
Goodwill and intangible assets 518.3 533.0
Equity accounted investments and financial assets 1.5 1.5
Retirement benefits 9 36.6 32.0
Deferred tax assets 21.8 25.6
Trade and other receivables 33.2 34.9
891.5 901.4
Current assets
Inventories 150.0 156.5
Trade and other receivables 167.5 134.4
Current income tax assets 6.3 9.8
Financial assets 0.7 0.7
Derivative financial assets 0.2 -
Cash and cash equivalents 131.6 144.0
456.3 445.4
Assets held for sale 0.8 1.1
457.1 446.5
TOTAL ASSETS 1,348.6 1,347.9
EQUITY
Capital and reserves
Equity share capital 3.8 3.8
Share premium 347.2 347.2
Treasury shares (36.2) (36.2)
Other reserves 81.4 103.9
Retained income 140.5 142.0
Total Equity 536.7 560.7
LIABILITIES
Non-current liabilities
Lease liabilities 122.5 111.7
Interest bearing loans and borrowings 7 223.8 225.6
Other financial liabilities 5.0 5.2
Provisions 8.3 7.0
Deferred tax liabilities 38.7 38.6
398.3 388.1
Current liabilities
Lease liabilities 19.4 19.7
Derivative financial liabilities - 0.4
Other financial liabilities 1.0 1.0
Trade and other payables 388.3 370.4
Provisions 4.9 7.6
413.6 399.1
Total liabilities 811.9 787.2
TOTAL EQUITY AND LIABILITIES 1,348.6 1,347.9
The accompanying notes are an integral part of the unaudited condensed
consolidated financial statements.
Condensed Consolidated Cash Flow Statement (unaudited)
For the six months ended 31 August 2025
Six months ended 31 August 2025 Six months ended 31 August 2024
Notes €m €m
CASH FLOWS FROM OPERATING ACTIVITIES
Group profit for the period 20.1 12.9
Finance income (1.1) (1.2)
Finance expense 11.0 13.0
Income tax expense 4 5.7 3.5
Depreciation of property, plant and equipment 15.0 15.5
Amortisation of intangible assets 1.2 1.2
Impairment of assets held for sale 3 - 0.3
Profit on disposal of property, plant and equipment - (0.3)
Charge for equity settled share-based payments 1.3 1.3
Pension contributions: adjustment from credit to payment 9 (0.5) (0.5)
Cash inflow before working capital movements 52.7 45.7
Decrease/(increase) in inventories 1.5 (1.1)
Increase in trade and other receivables (40.2) (44.7)
Increase in trade and other payables 34.9 35.8
(Decrease)/increase in provisions (0.8) 0.5
Cash generated from operations 48.1 36.2
Interest received 0.8 0.4
Interest and similar costs paid (10.9) (11.8)
Income taxes received/(paid) 1.4 (3.2)
Net cash inflow from operating activities 39.4 21.6
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (4.6) (9.3)
Net proceeds on disposal of property, plant and equipment 0.3 1.2
Net cash outflow from investing activities (4.3) (8.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to Company Shareholders 6 (15.9) (13.4)
Drawdown of debt - 5.0
Share buybacks (15.1) (14.8)
Payment of lease liabilities (10.5) (8.9)
Net cash outflow from financing activities (41.5) (32.1)
Net decrease in cash (6.4) (18.6)
Reconciliation of opening to closing cash
Cash and cash equivalents at beginning of the period (1 March) 144.0 160.1
Translation adjustment (6.0) 1.4
Net (decrease)/increase in cash (6.4) (18.6)
Cash and cash equivalents at the end of period (31 August) 131.6 142.9
A reconciliation of net debt is presented in Note 8.
The accompanying notes are an integral part of the unaudited condensed
consolidated financial statements.
Condensed Consolidated Statement of Changes in Equity (unaudited)
For the six months ended 31 August 2025
Equity share capital Share premium Other capital reserves Cash flow hedge reserve Share-based payments reserve Currency translation reserve Revaluation reserve Treasury shares Retained income Total
€m €m €m €m €m €m €m €m €m €m
At 1 March 2024 4.0 347.2 25.8 0.3 5.6 43.1 14.4 (36.3) 188.5 587.0
Profit for the financial period - - - - - - - - 12.9 12.9
Other comprehensive income/(loss) - - - - - 6.9 - - (0.6) 6.3
Total comprehensive income/(loss) - - - - - 6.9 - - 12.3 19.2
Dividend paid on Ordinary Shares - - - - - - - - (13.4) (13.4)
Purchase of Treasury shares - Share buybacks - - - - - - - - (14.8) (14.8)
Equity settled share-based payments - - - - 1.3 - - - - 1.3
Total transactions with owners - - - - - - - - (26.9) (26.9)
At 31 August 2024 4.0 347.2 25.8 0.3 6.9 50.0 14.4 (36.3) 173.9 579.3
At 1 March 2025 3.8 347.2 26.0 (0.4) 4.7 57.6 16.0 (36.2) 142.0 560.7
Profit for the financial period - - - - - - - - 20.1 20.1
Other comprehensive income/(loss) - - - 0.6 - (18.4) - - 3.8 (14.0)
Total comprehensive income/(loss) - - - 0.6 - (18.4) - - 23.9 6.1
Dividend paid on Ordinary Shares - - - - - - - - (15.9) (15.9)
Purchase of Treasury shares - Share buybacks - - - - - - - (15.1) - (15.1)
Cancellation of Treasury shares - - - - - - - 15.1 (15.1) -
Equity settled share-based payments - - - - 0.9 - - - - 0.9
Total transactions with owners - - - - 0.9 - - - (30.1) (30.1)
At 31 August 2025 3.8 347.2 26.0 0.2 5.6 39.2 16.0 (36.2) 134.9 536.7
Notes to the Condensed Consolidated Interim Financial Statement (unaudited)
For the six months ended 31 August 2025
1. Basis of preparation
The Condensed Consolidated Interim Financial Statements (unaudited) for the
six months ended 31 August 2025:
· Are prepared in accordance with International Accounting Standard
34 'Interim Financial Reporting' ('IAS 34') as issued by the International
Accounting Standards Board ('IASB') and as adopted by the European Union;
· Are presented on a condensed basis as permitted by IAS 34 and
therefore do not include all disclosures that would otherwise be required in a
full set of financial statements and should be read in conjunction with the
Group's Annual Report for the year ended 28 February 2025;
· With the exception of the changes to the Group's depreciation
policy of Plant & Machinery and presentation of the Share Based Payment
Reserve (see below) apply the same accounting policies, presentation and
methods of calculation as those followed in the preparation of the Group's
consolidated financial statements for the year ended 28 February 2025, which
were prepared in accordance with European Union-adopted International
Accounting Standards ('IAS'), with International Financial Reporting Standards
('IFRS') as issued by the IASB and with the requirements of the Irish
Companies Act 2014;
· Income taxes are accrued using the tax rate that is expected to
be applicable for the full financial year, adjusted for certain discrete items
which occurred in the interim period in accordance with IAS 34;
· Include all adjustments, consisting of normal recurring
adjustments, necessary for a fair statement of the results for the periods
presented;
· Do not represent full statutory accounts. Full statutory accounts
for the year ended 28 February 2025 prepared in accordance with IFRS, as
adopted by the EU, upon which the auditors have given an unqualified audit
report, are available on the Group's website (www.candcgroupplc.com
(http://www.candcgroupplc.com/) ); and
· Were approved by the Board of Directors on 27th October 2025.
The preparation of the unaudited condensed consolidated financial statements
requires management to make certain estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the end of the reporting period, and the reported amounts
of revenue and expenses during the period. Actual results could vary from
these estimates. These estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revisions affects only that period or
in the period of the revision and future periods if the revision affects both
current and future periods.
Property, plant and equipment
The Group reviewed its depreciation policy for Plant & Machinery and
amended the accounting estimates within the Depreciated Replacement Cost model
applied to valuation and depreciation of the plant and machinery assets
utilised in the Groups beverage production. The amendment results in a more
even distribution of depreciation over the life of the assets and reflects
more accurately the usage and benefits derived from this category of fixed
assets which are delivered uniformly over time and relatively consistently
throughout the assets useful economic lives, which can be in excess of 30
years. This change in valuation and depreciation estimation methodology will
enable the Group to forecast more accurately for capital investment appraisal
and capital allocation decisions and brings the Group in line with industry
practice.
In accordance with IAS 8, these changes will be recognised as a change in
accounting estimates and applied prospectively with effect from 1 March 2025.
New accounting pronouncements adopted
The following new standard amendment became effective for the Group as of 1
March 2025:
· Lack of Exchangeability - Amendments to IAS 21
The amendment did not result in a material impact on the Group's results.
Going concern
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for at least 12 months from the
date of this report. Liquidity of the Group, defined as cash and undrawn
credit facilities, as at 31 August 2025 was €356.6m.
Accordingly, the Directors continue to adopt the going concern basis in
preparing the Condensed Consolidated Interim Financial Statements.
Significant judgements and estimates
The Group's significant judgements and estimates, which remain unchanged
during the period, are disclosed in the Group's Annual Report for the year
ended 28 February 2025.
Impairment review
Brands and goodwill assets considered to have an indefinite life are reviewed
for indicators of impairment regularly and are subject to impairment testing
on an annual basis unless events or changes in circumstances indicated that
the carrying values may not be recoverable and impairment testing is required
earlier.
The value of brands and goodwill considered to have an indefinite life were
assessed for impairment at 28 February 2025 and given no material changes in
circumstances since that date, they will be formally assessed again at 28
February 2026.
Cyclicality of interim results
Under a normal trading environment, Branded within the Group's portfolio,
particularly its cider brands, tend to have higher consumption during the
summer months, which fall within the first half of the financial year. In
addition, external factors such as weather and significant sporting events,
which traditionally take place in the summer months, will have a greater
impact on first half trading. Accordingly, trading profit is usually higher in
the first half than in the second. For Distribution, the most important
trading period in terms of sales, profitability and cash flow has been the
Christmas season, in which case the second half of the year will have a
greater impact on the Group's Distribution business.
2. Segmental reporting
The Group's business activity is the manufacturing, marketing and distribution
of branded beer, cider, wine, spirits and soft drinks.
The Group continually reviews and updates the manner in which it monitors and
controls its financial operations, resulting in changes in the manner in which
information is classified and reported to the Chief Operating Decision Maker
('CODM'). The CODM, identified as the Executive Directors, assesses and
monitors the operating results of segments separately via internal management
reports in order to manage the business and allocate resources effectively.
The Group has two segments, Branded and Distribution, reflecting the operating
model of the business and enabling the CODM to evaluate the results of the
business in the context of the economic environment in which the business
operates, to make appropriate strategic decisions and to more accurately
reflect the business model under which the Group operates in both areas.
The identified business segments are as follows:
(i) Branded
This segment is defined as brands fully owned or that are exclusively
distributed by the Group, whereby the Group is responsible for marketing as
well as sale of the brand in the associated geography. It includes the
financial results from sale of own branded products being principally Bulmers,
Tennent's, Magners and the growing portfolio of premium beers and ciders
including Drygate Brewing, Five Lamps, Heverlee, Menabrea and Orchard Pig.
(ii) Distribution
This segment is defined as third-party brands sold through the Group's
distribution businesses and brands where the Group acts as an exclusive agent
for a brand in a specific geography. It includes the results from the Matthew
Clark and Bibendum ('MCB') business which includes third-party brand
distribution, wine wholesaling and distribution, together with the Gleesons
distribution business in Ireland and the distribution of private label
products.
The Group's analysis by segment includes both items directly attributable to a
segment and those, including central overheads, which are allocated on a
reasonable basis in presenting information to the CODM. Inter-segmental
revenue is not material and thus not subject to separate disclosure.
a) Analysis by segment
Six months to 31 August 2025 Six months to 31 August 2024
Revenue Net revenue Operating profit Revenue Net revenue Operating profit
€m €m €m €m €m €m
Branded 250.1 170.0 26.7 254.5 172.3 26.0
Distribution 735.6 655.7 15.2 786.4 689.1 14.3
Total before exceptional items 985.7 825.7 41.9 1,040.9 861.4 40.3
Exceptional items - - (6.2) - - (11.8)
Total 985.7 825.7 35.7 1,040.9 861.4 28.5
Impairment of assets held for sale - (0.3)
Finance income 1.1 1.1
Finance income exceptional items - 0.1
Finance expense (10.9) (12.8)
Finance expense exceptional items (0.1) (0.2)
Profit before tax 25.8 16.4
Of the exceptional items in the current financial period, €1.5m charge
relates to Distribution (31 August 2024: €4.9m) and €1.8m charge relates
to Branded (31 August 2024: €2.5m) and €3.0m was unallocated as it did not
relate to any particular segment (31 August 2024: €4.4m).
For the six months ended 31 August 2024, the impairment loss of €0.3m
related to the related to the sale of the Group's Portuguese businesses which
completed on 6 November 2024.
(b) Geographical analysis of non-current assets
Ireland Great Britain International Total
At 31 August 2025 €m €m €m €m
Property, plant and equipment 72.9 207.2 - 280.1
Goodwill and intangible assets 159.7 336.7 21.9 518.3
Equity accounted investments and financial assets 0.6 0.8 0.1 1.5
Total 233.2 544.7 22.0 799.9
Ireland Great Britain International Total
At 28 February 2025 €m €m €m €m
Property, plant and equipment 80.5 192.8 1.1 274.4
Goodwill and intangible assets 160.7 350.4 21.9 533.0
Equity accounted investments and financial assets 0.6 0.8 0.1 1.5
Total 241.8 544.0 23.1 808.9
The geographical analysis of non-current assets, with the exception of
goodwill and intangible assets, is based on the geographical location of the
assets. The geographical analysis of goodwill and intangible assets is
allocated based on the country of origin.
3. Exceptional items
Six months to 31 August 2025 Six months to 31 August 2024
€m €m
Restructuring costs (a) (5.8) (7.6)
Risk management and control reviews (b) (0.4) (2.9)
Director settlement arrangements (c) - (1.3)
Operating loss exceptional items (6.2) (11.8)
Impairment of assets held for sale (d) - (0.3)
Finance income (e) - 0.1
Finance expense (f) (0.1) (0.2)
Included in profit before tax (6.3) (12.2)
Income tax credit (g) 1.3 2.4
Included in profit after tax (5.0) (9.8)
(a) Restructuring costs
During the period, the Group invested in a number of strategic initiatives to
realign support functions and optimise organisational structures to more
efficiently support the business operations. The overall objective of the
strategic initiatives is to reduce costs and drive efficiency improvements
across the operating model and enhance the future growth of the business.
During the period, the Group incurred costs of €5.8m (31 August 2024:
€7.6m) primarily related to the following:
· €4.2m (31 August 2024: €3.4m) related to the ongoing
strategic review of the Group's commercial, supply and head office functions
to optimise organisational design of the business and enable a more efficient
and robust governance and reporting structure moving forward. This charge
primarily reflects costs associated with implementing and embedding
transformation process improvements and related redundancy costs.
· €1.0m (31 August 2024: €nil) of brand development costs
relating to the Group's strategic vision for cider, including the relaunch of
the Magners brand following the agreement with BBG to reassume control and
distribution of Magners and the wider cider portfolio in Great Britain as of 1
January 2025.
· €0.6m (31 August 2024: €4.2m) related to the continued
rationalisation of the Group's depot and distribution operations, reflecting
redundancy costs and other onerous costs with respect of the closure of the
Kells depot in County Meath, Ireland and the relocation of the wine and
spirits bonded warehouse from Dublin to Clonmel.
· €5.4m of these costs were cash settled in the current financial
period.
(b) Risk management and control reviews
During the period the Group incurred further costs of €0.4m (31 August 2024:
€2.9m) associated with the control issues notified to the market on 7 June
2024 which caused the Group to defer publication of its FY2024 annual results.
These costs primarily related to legal and professional costs associated with
internal and external reviews into the issues, additional audit and accounting
fees, retention costs for key personnel and external accounting support costs.
Cash spend in the current financial period totalled €1.5m in respect of
these costs, of which €1.4m related to costs accrued at 28 February 2025.
(c) Director settlement arrangements
During the six months ended 31 August 2024, €1.3m of redundancy costs were
incurred following the announcement on 7 June 2024 that Patrick McMahon would
step down as CEO and that Ralph Findlay, in addition to his duties as Chair of
the Board, would be appointed CEO.
(d) Impairment of assets held for sale
Following a reassessment of the Group's supply and logistics operations for
raw materials inputs, the Group classified its Portuguese businesses, which
produce fruit concentrates, as a disposal group held for sale as at 29
February 2024. The sale agreement was signed on 11 July 2024. The sale was
approved by the Portuguese Competition Authority on 7 October 2024 and the
transaction completed on 6 November 2024. An impairment loss of €0.3m was
recognised in respect of the disposal group during the six months ended 31
August 2024.
(e) Finance income
During the six months ended 31 August 2024, the Group earned finance income of
€0.1m relating to the promissory notes issued as part of the disposal of the
Group's subsidiary Vermont Hard Cider Company in FY2022. During the second
half of the financial year ended 28 February 2025, the Group recognised a
provision of €4.5m against this outstanding promissory note receivable and
no further finance income was recognised during the six months ended 31 August
2025.
(f) Finance expense
A finance charge of €0.1m (31 August 2024: €0.2m) is recognised in respect
of the interest impact on discounted cashflows related to the onerous
contracts provision for apple growers recorded in prior periods.
(g) Income tax credit
The tax credit in the current financial period, with respect to the above
exceptional items, amounted to a credit of €1.3m (31 August 2024: €2.4m
credit).
4. Income tax expense
Income tax expense for the period, excluding the impact of exceptional items,
was €7.0m (31 August 2024: €5.9m). The income tax credit with respect to
exceptional items was €1.3m (31 August 2024: €2.4m).
In line with IAS 34 Interim Financial Reporting the effective tax rate for the
period ended 31 August 2025 was 21.9% (31 August 2024: 21.3%). The effective
tax rate is influenced by several factors including the mix of profits and
losses generated across the main geographic locations.
5. Earnings per share
31 August 2025 31 August 2024
Millions Millions
Weighted average number of shares for basic earnings per share 373.8 386.7
Adjustment for the effect of conversion of options 3.8 1.3
Weighted average number of shares for diluted earnings per share 377.6 388.0
31 August 2025 31 August 2024
€m €m
Group profit for the financial period 20.1 12.9
Adjustment for exceptional items, net of tax (Note 3) 5.0 9.8
Earnings as adjusted for exceptional items, net of tax 25.1 22.7
31 August 2025 31 August 2024
Cent Cent
Basic earnings per share:
Basic earnings per share 5.4 3.3
Adjusted basic earnings per share 6.7 5.9
31 August 2025 31 August 2024
Cent Cent
Diluted earnings per share:
Diluted earnings per share 5.3 3.3
Adjusted diluted earnings per share 6.6 5.9
Employee share awards (excluding awards which were granted under plans where
the rules stipulate that obligations must be satisfied by the purchase of
existing shares) which are performance-based are treated as contingently
issuable shares because their issue is contingent upon satisfaction of
specified performance conditions in addition to the passage of time. In
accordance with IAS 33: Earnings per Share, these contingently issuable shares
are excluded from the computation of diluted earnings per share where the
vesting conditions would not have been satisfied as at the end of the
reporting period. If dilutive other contingently issuable Ordinary Shares are
included in diluted EPS, this is based on the number of shares that would be
issuable if the end of the reporting period was the end of the contingency
period. Contingently issuable shares excluded from the calculation of diluted
earnings per share at 31 August 2025 totalled 2,779,468 (31 August 2024:
2,251,203).
6. Dividends
31 August 2025 31 August 2024
€m €m
Declared during the financial period:
Final dividend for the year ended 28 February 2025: 4.13 cent per share 15.9 13.4
(29 February 2024: 3.97 cent per share)
Proposed after the end of the period and not recognised as a liability
Interim dividend at 31 August 2025: 2.08 cent per share 7.8 7.7
(31 August 2024: 2.00 cent per share)
In order to achieve better alignment of the interest of share-based
remuneration award recipients with the interests of Shareholders, Shareholder
approval was given at the 2012 AGM to a proposal that awards made and that
vest under the LTIP incentive programme should reflect the equivalent value to
that which accrues to Shareholders by way of dividends during the vesting
period. The Deferred Bonus Plan and the Buy-Out Awards also accrue dividends
during the vesting period.
A final dividend of 4.13 cent (2024: 3.97 cent) was paid to Shareholders on 18
July 2025 equating to a distribution of €15.9m (2024: €13.4m), all of
which was paid in cash.
The Board has announced an interim dividend of 2.08 cent per share for the
period ended 31 August 2025. Payment will be on 12 December 2025 to
Shareholders registered at the close of business on 14 November 2025. There is
no scrip dividend alternative proposed.
Final dividends on Ordinary Shares are recognised as a liability in the
financial statements only after they have been approved at an Annual General
Meeting of the Company. Interim dividends on Ordinary Shares are recognised
when they are paid.
7. Interest-bearing loans and borrowings
31 August 2025 28 February 2025
€m €m
Current assets
Unsecured loans - issue costs 0.6 0.6
Private Placement notes - issue costs 0.1 0.1
0.7 0.7
Non-current liabilities
Unsecured loans repayable on maturity (125.1) (125.0)
Unsecured loans - issue costs 1.9 2.2
Private Placement notes - issue costs 0.5 0.7
Private Placement notes repayable by one repayment on maturity (101.1) (103.5)
(223.8) (225.6)
Total borrowings (223.1) (224.9)
Covenants
The Group's multi-currency revolving facility, which are all classified as
non-current, are contingent on future compliance with the following financial
covenants:
· Interest cover: The ratio of EBITDA to net interest for a period
of twelve months ending on each half-year date will not be less than 3.5:1
· Net debt: EBITDA: The ratio of net debt on each half-year date to
EBITDA for a period of twelve months ending on a half-year date will not
exceed 3.5:1
There is no effect on the Group's covenants as a result of implementing IFRS
16 Leases as all covenants are calculated on a pre-IFRS 16 Leases adoption
basis.
The net debt (excluding leases): Adjusted EBITDA (12 month trailing) ratio was
1.1x, with interest cover (12 month trailing) of 7.5x at the current financial
period end.
8. Analysis of net debt
Interest bearing loans and borrowings(1) Cash and cash equivalents Net debt excluding leases Lease liabilities Net debt including leases
€m €m €m €m €m
1 March 2025 (224.9) 144.0 (80.9) (131.4) (212.3)
Translation adjustment 2.2 (6.0) (3.8) 6.3 2.5
Additions, disposals and remeasurements - - - (27.4) (27.4)
Net cash flow - (6.4) (6.4) 14.6 8.2
Non-cash changes (0.4) - (0.4) (4.0) (4.4)
31 August 2025 (223.1) 131.6 (91.5) (141.9) (233.4)
1 Interest-bearing loans and borrowings at 31 August 2025 are net of
unamortised issue costs of €3.1m (28 February 2025: €3.6m). Unamortised
borrowing costs of €0.7m (28 February 2025: €0.7m) are presented within
financial assets.
The non-cash charge to the Group's interest-bearing loans and borrowings
relates to the amortisation of issue costs. The non-cash changes for the
Group's lease liabilities relates to lease interest/discount unwinding.
9. Retirement benefits
The Group operates a number of defined benefit pension schemes for certain
employees, past and present, in the Republic of Ireland ('ROI') and in
Northern Ireland ('NI'), all of which provide pension benefits based on final
salary and the assets of which are held in separate trustee administered
funds. The Group closed its defined benefit pension schemes to new members in
March 2006 and provides only defined contribution pension schemes for
employees joining the Group since that date. For further details of each of
these schemes please see Note 23 in the Group's Annual Report for the year
ended 28 February 2025.
Reconciliation of net defined benefit obligation
ROI NI Total
€m €m €m
Pension surplus at 1 March 2025 28.7 3.3 32.0
Cost included in Income Statement:
Current service cost (0.2) - (0.2)
Interest cost on scheme liabilities (2.2) (0.1) (2.3)
Interest income on scheme assets 2.7 0.2 2.9
Scheme remeasurement included in the Statement of Comprehensive Income:
Actual return on scheme assets (8.0) (0.4) (8.4)
Effect of changes in financial assumptions 2.4 0.3 2.7
Effect of experience adjustments 10.0 - 10.0
Cash contributions 0.1 - 0.1
Translation adjustment - (0.2) (0.2)
Pension surplus at 31 August 2025 33.5 3.1 36.6
Significant actuarial assumptions
The principal long-term financial assumptions used by the Group's actuaries in
the computation of the defined benefit liabilities arising on pension schemes
as at 31 August 2025 and 28 February 2025 are as follows:
At 31 August 2025 At 28 February 2025
ROI NI ROI NI
Salary increases 0.0 - 2.7% 3.4% 0.0 - 2.7% 3.5%
Increases to pensions in payment 2.1% 1.8% 2.1% 1.8%
Discount rate 4.0 - 4.2% 6.1% 3.5% 5.6%
Inflation rate 2.1% 3.0% 2.1% 3.1%
Independent actuarial valuations of the defined benefit pension schemes are
carried out on a triennial basis using the attained age/aggregate method. The
most recently completed actuarial valuations of the ROI defined benefit
pension schemes were carried out with an effective date of 1 January 2024
while the date of the most recent actuarial valuation of the NI defined
benefit pension scheme was 31 December 2023.
The funding requirements in relation to the Group's ROI defined benefit
pension schemes are assessed at each valuation date and are implemented in
accordance with the advice of the actuaries. Arising from the formal actuarial
valuations of the Group's staff defined benefit pension scheme, the Group
committed to contributions of €294,000 per annum in calendar year 2025 and
increasing at a rate of 2.3% each calendar year thereafter. There is no
funding requirement with respect to the Group's ROI executive defined benefit
pension scheme or the Group's NI defined benefit pension scheme, both of which
are in surplus. The Group has an unconditional right to any surplus remaining
in these schemes in the event the scheme concludes.
10. Financial assets and liabilities
31 August 2025 28 February 2025
Carrying value Fair value Carrying value Fair value
€m €m €m €m
Financial assets:
Cash and cash equivalents(1) 131.6 131.6 144.0 144.0
Trade receivables(2) 119.3 119.3 100.1 100.1
Advances to customers(2) 37.0 37.0 40.0 40.0
Unamortised borrowing costs(3) 0.7 0.7 0.7 0.7
Derivative contracts(4) 0.2 0.2 - -
288.8 288.8 284.8 284.8
Financial liabilities:
Interest-bearing loans and borrowings(5) (223.8) (226.1) (225.6) (228.5)
Trade and other payables(6) (388.3) (388.3) (326.5) (326.5)
Provisions(6) (13.2) (13.2) (14.6) (14.6)
Derivative contracts(4) - - (0.4) (0.4)
Other financial liabilities(6) (6.0) (6.0) (6.2) (6.2)
(631.3) (633.6) (573.3) (576.2)
1 The nominal amount of all short-term bank deposits and cash and cash
equivalents is deemed to reflect fair value at the balance sheet date.
2 The Group's trade receivables and advances to customers classified as
financial assets are held at amortised cost, which approximates their fair
value as these are short-term in nature; hence, the maximum exposure to credit
risk at the reporting date is the carrying value of each class of receivable.
3 Unamortised borrowing costs classified as financial assets are held at
amortised cost.
4 Derivative contract financial assets and financial liabilities are
initially recognised at fair value on the date that a derivative contract is
entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period.
5 The fair value of all interest-bearing loans and borrowings has been
calculated by discounting all future cash flows to their present value using a
market rate reflecting the Group's cost of borrowing at the balance sheet date
(Level 2).
6 The carrying amount of all trade and other payables, provisions and
other financial liabilities are deemed to reflect fair value at the balance
sheet date.
11. Related party transactions
The principal related party relationships requiring disclosure in the
consolidated financial statements of the Group under IAS 24: Related Party
Disclosures pertain to the existence of subsidiary undertakings and equity
accounted investments, transactions entered into by the Group with these
subsidiary undertakings and equity accounted investments and the
identification and compensation of and transactions with key management
personnel.
Transactions
Transactions between the Group and its related parties are made on terms
equivalent to those that prevail in arm's length transactions.
Subsidiary undertakings
The consolidated financial statements include the financial statements of the
Company and its subsidiaries. A listing of all subsidiaries is provided in
Note 30 in the Group's Annual Report for the year ended 28 February 2025.
Sales to and purchases from subsidiary undertakings, together with outstanding
payables and receivables, are eliminated in the preparation of the
consolidated financial statements in accordance with IFRS 10 Consolidated
Financial Statements.
Equity accounted investments
A listing of all equity accounted investments is provided in Note 30 in the
Group's Annual Report for the year ended 28 February 2025.
Loans extended by the Group to equity accounted investments are considered
trading in nature and are included within advances to customers in trade and
other receivables.
Details of transactions with equity accounted investments during the period
and related outstanding balances at the period end are as follows:
Joint ventures Associates
31 August 2025 31 August 2024 31 August 2025 31 August 2024
€m €m €m €m
Net revenue - 0.5 0.6 0.2
Purchases - - 0.3 0.6
Joint ventures Associates
31 August 2025 28 February 2025 31 August 2025 28 February 2025
€m €m €m €m
Trade and other receivables - - 0.2 -
Trade and other payables - - - 0.1
Loans - - - -
All outstanding trading balances with equity accounted investments, which
arose from arm's length transactions, are to be settled in cash within 60 days
of the reporting date.
Key management personnel
For the purposes of the disclosure requirements of IAS 24: Related Party
Disclosures, the Group has defined the term 'key management personnel', as its
Executive and Non-Executive Directors. Executive Directors participate in the
Group's equity share award schemes and are covered for death in service by an
insurance policy. Executive Directors may also benefit from medical insurance
under a Group policy (or the Group offers a cash alternative). No other
non-cash benefits are provided. Non-Executive Directors do not receive
share-based payments nor post-employment benefits.
During the current and prior financial periods, there were no transactions or
balances between the Group and its key management personnel or members of
their close family apart from the Group sells stock to St Austell Brewery
Company Limited, of which Jill Caseberry is a Non-Executive Director. All
transactions with related parties involve the normal supply of goods or
services and are priced on an arm's length basis.
12. Post-balance sheet events
There are no post balance sheet events to disclose.
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