Drinks group C&C said revenues at the company dipped in the first half of the year, falling by 4 per cent.
But that was in line with expectations, with distribution revenues impacted after the company transferred control of the AB InBev off-trade beer distribution in the Republic of Ireland and the planned exit of some of its lower margin business.
Lower volumes hit Matthew Clark Bibendum revenues in the first six months of the financial year, edging them slightly below last year.
Underlying operating profit is expected to be in the range of €41.5-€42 million.
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The Bulmers maker said its core brands, including Tennent’s, delivered solid performances in the period, growing revenues over the period.
The period also saw the completion of its latest share buyback, a tranche of €15 million that is part of a programme to distribute €150 million to shareholders over three years. Some €84 million has been returned to shareholders since the start of its 2025 financial year.
Looking ahead, the company said it would continue to invest in the business despite a challenging macroeconomic backdrop.
“Whilst the macroeconomic environment remains challenging and we have the all-important Christmas trading period ahead of us, we remain on track to achieve operating profit in line with market expectations,” C&C said in a statement.
