Beer and cider maker C&C Group has seen profits rebound after progressing with turnaround plans.
The company, which makes Magners and Tennent’s, saw shares lift higher on Wednesday as a result.
C&C reported a group operating profit of 45.8 million euro (£38.5 million) for the year to February 28, recovering from a 84.4 million euro (£70.9 million) loss a year earlier.
The group said this was driven by its renewed growth strategy, after criticism from some investors over its performance in recent years.
Bosses said the company are “focusing on the basics” as part of this, with plans for further investment in its core brands and by simplifying processes and making operations more efficient.
C&C said its efficiency drive has seen it close, or start the process to close, five depots in order to streamline its distribution network.
The group said it is also looking to simplify its corporate structure by heavily reducing the group’s roughly 30 separate legal entities.
It came as the company reported net revenues of 1.66 billion euro (£1.4 billion) for the past year.
This represented a marginal improvement on the previous year, despite poor weather last summer weighing down on demand for cider.
Roger White, who took over as boss of the firm earlier this year, was optimistic for the rest of the year amid increased investment.
He said: “Looking ahead, year to date trading is encouraging.
“With the key summer trading period ahead, we are executing our plans for the year, supporting our customers, investing in innovation and brand-building, people, and systems, whilst continuing to simplify the business and control costs.
“We remain focused on building a solid platform from which we can maximise the potential of the group.
“We are developing plans to grow sustainably whilst delivering on our financial targets, creating increased long-term shareholder value.”
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