Beverages group C&C said it was operating in a difficult inflationary environment and remained vigilant about the potential impacts of this on both its cost base and the pressures facing consumers.
He said this could impact future demand.
In a business update ahead of its annual general meeting today, C&C said a significant proportion of its manufacturing input costs are fixed for the fiscal year.
He said he would continue to “proactively manage” his cost base, while assessing any price increases needed to recoup inflationary pressure across the business as the year progresses.
C&C also reported a “solid” business performance for the three months from March 1 to June 30.
He said that despite the inflationary backdrop, net income is 6% above pre-Covid-19 levels for the four-month period as our busy summer trading period begins.
C&C manufactures, markets and distributes branded beer, cider, wine, spirits and soft drinks in Ireland and the UK. Its brands include Bulmers and Magners cider, Tennents and Five Lamps beer and Tipperary water.
C&C also said that after four years as group chairman and 10 years on the C&C board, Stewart Gilliland is not seeking re-election and will be replaced by Ralph Findlay, subject to shareholder approval, when of today’s AGM.
Ralph Findlay, Chairman-Elect of the C&C Group, said that during Mr Gilliland’s tenure as Chairman, the Group has transformed into the leading last-mile distributor to retail in the UK and Ireland, while navigating the company through the toughest time in industry history.
“The group has iconic brands, a leading distribution network and a solid capital structure to support its future growth ambitions,” he said.
“I look forward to playing a part in the future success of the business for all of our stakeholders, including customers, consumers, employees and shareholders,” he added.