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Drinks group C&C said it had returned to profit ahead of plan following the gradual easing of restrictions and phased reopening of the hospitality sector across Ireland and the UK during the first half of the fiscal year.
For the six months through 31 August, operating profit was expected to be €16 million, compared with a loss of €12 million in H1 FY2021 and a profit of €66 million in H1 FY2020.
Revenue in H1 FY2022 was expected to be €657 million, compared with €398m in H1 FY2021 and €896 million in H1 FY2020 (pre-COVID-19).
'With the gradual easing of restrictions in the UK on-trade from April 2021, the group returned to profit and underlying cash generation in May 2021,' the company said.
Looking ahead, C&C said that while there was general upward pressure on input costs and in its distribution business amid industry wide capacity constraints, its exposure to commodity inflation was largely mitigated in FY2022 through long-term supply contracts and partnerships.
'We remain on track with the initiatives to deliver the €18 million in annualised cost savings announced in May 2021,' it added.