- Investment across our core branded portfolio with multi-channel advertising campaigns and promotional activity. We have seen our brand health scores for Tennent’s and Bulmers improve year on year.
- Tennent’s and Bulmers volume share of the off-trade lager and cider market, 24.0% and 50.5% respectively continues to represent share growth compared with the pre-pandemic levels.
- Premium beer portfolio has continued to progress with IFT penetration in Scotland growing to 40% of IFT outlet base from 35% pre-pandemic. In addition, growing brand health scores for Heverlee alongside volume and net revenue growth in the off-trade.
| Invest and grow our portfolio of leading local, premium and craft beer and cider brands.|
- Return to profitability from June 2021 aligned with easing of government restrictions in our core markets with on-trade net revenue building back to 75% of FY2020.
- Successfully servicing demand following the speed and strength of customer and consumer demand as government restrictions eased. Leveraging our size and scale, in addition to our inhouse secondary logistics operation to deliver market leading service despite the widely publicised supply chain constraints in the UK.
- Launch of an ecommerce platform in our Bibendum Wine distribution business in January 2022, ensuring that all of the Group’s on-trade customers can now order online.
- Effective management of inflationary cost pressures with cost reduction programme, price increases and hedging of input costs.
| Strengthen our position as the No.1 drinks distribution business in the UK and Ireland.|
- Strong liquidity position of (€438.7m) and Net debt/EBITDA of 3.4x. Our strong underlying cash generating characteristics have been reflected in an encouraging performance with FCF conversion in FY2022 of 35.6%.
- Delivery of €18m annualised cost savings against pre-COVID cost base, protected against wage inflation and other costs in FY2022.
- Focus on our core business with the divestment of our minority interest in Admiral Taverns for gross cash consideration of €65.8m (£55.0m). As part of the divestment, C&C have negotiated a long-term branded supply agreement into the Admiral estate which includes our owned and agency brands.
- C&C’s sustainability efforts were acknowledged with Tennent’s winning two prestigious awards during 2021. Sustainable Brewery of the Year at the Scottish Beer Awards and a Good Practice Award at the VIBES Scottish Environment Business Awards.
- Continued sustainability commitment with investment at our Clonmel manufacturing site into the removal of single use plastic in its canned products. In addition, creation of Ireland’s biggest rooftop solar panel farm which will generate 10% of the site’s electricity requirements going forward.
| Capital allocation to enhance growth and shareholder returns.|