C&C said it is on course for a rebound in earnings in its current financial year following a 10.3 per cent drop in operating profit in the year through February.

Operating profit fell to €103.2 million from €115 million for the previous financial year, in line with guidance given by the company in March.

"In our domestic businesses in Ireland and Scotland we faced a range of challenges including poor weather, increased competitor dynamics and of course the impact in Scotland of the changes to drink driving regulations," said Stephen Glancey, group chief executive.

Having bought back €115 million of shares in the last financial year, the group plans to increase this amount to over €130 million by the end of June. It also increased its dividend by 18.7 per cent to 13.65 cents per share.

The company said it is “positioned to deliver earnings growth and strong cash generation” in the current financial year.