However, this was partially offset by 3% growth achieved in the drinks group’s branded division, which includes Tennent’s and Bulmers, after it benefited from favourable weather over the period, the men’s football World Cup, and targeted brand investment and innovation.
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Trading since the period end has been in line with expectations and the group said it remained on track to achieved full-year operating profit in line with market expectations, albeit noting that market conditions remain volatile and it has the key Christmas trading period ahead of it.
Operating profit for HY2027 increased by 4%, from €41.9m to €43.4m, underpinned by operating margin improvement of 40 bps to 5.5%, with adjusted profit before tax up 4% to €33.3m.
The drinks group said it had achieved margin improvement from growth in its core brands and mix and pricing, alongside disciplined cost control.
New variants
Its new Tennent’s and Bulmers variants delivered encouraging early performance during the period, and Tennent’s Stout launched after the period end.
Further highlights for the half year included the acquisition of the brand and associated intellectual property of Scottish brewery Innis & Gunn in March 2026, which has now been integrated into the group, further broadening its premium portfolio.
The full integration of Matthew Clark and Bibendum was completed in the period, to create MCB, and the acquisition of Asahi UK’s wholesale interests was completed in October 2026, following the period end.
Customer and supplier onboarding into MCB is under way.
‘Solid first-half’
Commenting on the results, chief executive Roger White said: “We have delivered a solid first-half financial performance, reinforcing our actions to build resilience in our business.
“We outlined our key areas of strategic focus at our recent Capital Markets Day, and I am pleased to report that we are seeing early signs of improved momentum across the business.
“The general economic environment remains volatile, and we have the important festive trading period yet to deliver. However, we have strong trading plans in place for the balance of the year alongside a number of brand initiatives and the delivery of our developing innovation agenda, all of which give us confidence in our ability to meet market expectations for the full-year.”
- This story was originally published on the Morning Advertiser’s sister site MCA, here.
