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C&C Group PLC said on Wednesday said it had finished financial 2022 with a ‘robust return’ to trading as demand increased.
The Dublin-based manufacturer, marketer and distributor of alcoholic drinks said trading conditions had improved over January and February since Covid restrictions were lifted.
C&C shares were up 4.8% to 199.30 pence each in London on Wednesday morning.
C&C had previously warned in January that Omicron restrictions in the UK and Ireland had hit profit in the fourth quarter. It expected to lower operating profit guidance for the year ended February 28 from a prior estimated range of €50 million to €55 million.
The Magners producer currently predicts operating profit will come in between €45 million and €47 million.
This would be up from an operating loss of €4.9 million in financial 2021.
‘We were back trading with 81% of direct delivered outlets in February 2022 versus February 2020, with corresponding volumes at 68% and momentum building as outlets continue to re-open,’ C&C said.
It noted its recently completed €18 million cost-cutting programme would help ease ongoing inflationary pressures
It expects net debt at the year-end to be reported around €263 million, reduced year-on-year by €179 million.
C&C's results for its 2022 financial year will be released on May 17.
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