By Scott Reid

Copyright scotsman

Tennent’s parent company C&C Group has hailed a “solid performance” over the summer months for the iconic Scottish lager brand. Releasing a brief update to investors, the Irish drinks group said trading in the first half of its financial year to the end of August had been in line with expectations. Net revenues were 4 per cent below last year, reflecting the impact of lower distribution revenues following the previously announced transfer of control of AB InBev off trade beer distribution in Ireland and the planned exit of some lower margin business in the period. Underlying operating profit is expected to be in the range of €41.5 million (£36m) to €42m, in line with the group’s expectations. While there was no detailed product breakdown in the latest update, C&C, whose other brands include Bulmers, Magners, Menabrea and Orchard Pig, noted: “The group’s core brands, Tennent’s and Bulmers, delivered solid performances in the period, with both achieving revenue growth. Following the transfer of control of Magners UK back to C&C Group in January 2025, we have commenced our activities to re-invigorate the brand.” Roger White took the helm of C&C as its chief executive towards the end of January, having led AG Barr, the Cumbernauld-headquartered maker of Irn-Bru, for 22 years until May last year. The group added: “While the macroeconomic environment remains challenging and we have the all-important Christmas trading period ahead of us, we remain on track to achieve operating profit in line with market expectations.” Greg Johnson, research analyst at brokerage Shore Capital, noted: “Headline metrics may appear fair at first glance, although in our view fail to capture C&C’s market leading positions across Scotland and Ireland, the margin recovery potential in distribution and increasing balance sheet optionality.” Meanwhile, C&C announced that Andrew Andrea, chief financial and transformation officer and director of the company, had informed the board of his decision to step down to take up a new role as chief financial officer at Domino’s Pizza Group. It is planned that Andrea will step down from his role at C&C no later than March 13 next year. Tennent’s to ‘excite customers with new things’ as market share grows further