The Brexit result threatens to undo all of the group's progress...
The publicly-quoted Irish beer, cider and soft drinks manufacturing and distribution company, C&C has experienced a broadly positive trading performance in the first three months of the year.
Its sales were boosted by good early summer weather and the European Championships - but the group has warned about storm clouds gathering over its earnings performance due to the impact on sterling of the Brexit vote
The group’s key Bulmer’s cider brand and Tennents lager brands in Scotland have enjoyed solid increases in sales after difficult years last year.
Its cider business in the United States remains in negative territory with the brand and distribution deal done with US beer producer Pabst still in its early stages.
But C&C, which holds its AGM in Dublin today, warns that despite the strength of its brands in the UK and its growing export business from Ireland to other EU countries that are unaffected by the Brexit outcome, 50% of its profits are currently generated in sterling and then translated into euros.
In its statement, C&C said that at current levels, if sustained, currency movements have the potential to undo the earnings benefit the company has enjoyed from cost reduction programmes and the steady trading improvement.