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C&C Group Sees Profit, Higher Revenues In H1 - Quick Facts

C&C Group plc (CCR.L), a premium drinks company, Thursday said it expects first-half Group net revenue to be 657 million euros, higher than last year's 398 million euros.

Net revenue, meanwhile, will be lower on a 2-year basis than the 896 million euros recorded in the first half of fiscal 2020.

Operating profit is expected to be 16 million euros, compared to a loss of 12 million euros last year, but lower on a two year pre-pandemic basis.

In its trading statement for the six months ended August 31, the company said fiscal 2022 has delivered a strong return to trading due to gradual easing of restrictions and phased reopening of the hospitality sector across Ireland and the UK during the period.

With indoor and outdoor hospitality open across core markets for the last five weeks of first half, the company served 90% of the distribution points in August 2021 versus August 2019.

Trading performance continued to improve from May 2021 and Irish outdoor hospitality reopened from June 2021. The key distribution businesses, Matthew Clark and Bibendum, returned to profitability in June and remained profitable over the key summer trading period.

The company discontinued the use of government furlough support schemes in June 2021.

Further, the company said it remains on track with the initiatives to deliver the 18 million euros in annualised cost savings announced in May 2021.

C&C will announce first-half results on October 28 at which time it intends to reinstate guidance.

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