Drinks and snacks group C&C reported a 14 per cent rise in first-half earnings per share (EPS) today and said it still expected moderate full year earnings growth.
Revenues rose 9.4 per cent to €419.5 million in the six months to the end of August, lifting profit before finance costs 10.3 per cent to €68.4 million.
Once adjusted to exclude exceptional items and goodwill amortisation, EPS was 16.2 cents versus 14.2 cents last year and an analysts' forecast of 16.0 cents.
Sales at the company's high-growth cider division, which is benefiting from the roll-out of its Magners brand in the United Kingdom, jumped 28.2 per cent to €144.5 million, boosting profit before finance costs 26.7 per cent to €45.1 million.
"The group's objective is to enhance underlying earnings growth from the further roll-out of Magners in the UK," the company said in a statement and confirmed plans to expand its cider manufacturing capacity ahead of schedule.
The company said that following the results it would increase its interim dividend by 18 per cent to €6.5 cents per share.