Bulmers owner C&C targets profit recovery when it reopens in the summer

The company said that it returned to profitability and cash generation during the easing of trading limits in July, August and September of last year.

Much of the money raised has been used to reduce the company's leverage, with net debt of approximately 4.499 million euros.

The company also managed to expand its stake in online retail, with Bulmers returning to structural growth and a deal to solely sell Budweiser in Ireland.

The damage caused by successive lock-outs in the core markets of Ireland and the UK was shown by a 56 percent drop in sales for C & C to almost €737 million.

Looking ahead, the firm said that by re-running outdoor and indoor hospitality in Britain, it had been able to quickly respond to rapidly growing demand, with outlets trading at 65pc for the week ending 16 May 2021.

This was a solid over-the-counter performance for Bulmers in particular, which already held over 46 percent of the segment of Ireland.

C & C added that its brand strength was reflected in over-the-counter volume growth across Tennent's, Bulmers and Magners, with all three brands reporting shares gains as the year progressed.