Magners owner C&C group’s half-year earnings remained “in line with expectations” as the premium drinks company’s performance was boosted by the 2024 Euro tournament.

For the half year to 31 August, the group said underlying operating profit is expected in the range of £32.9m (€39m) to £34.6m (€41m).

Meanwhile, net sales are expected to be 3% lower, which C&C said is in line with performance across its core and premium brands, lower contract brewing volumes and softer cider volumes in Great Britain.

Despite the dip, the group, which has a portfolio that includes Bulmers Irish Cider, and Matthew Clark and Bibendum, said Tennent’s volume and value share grew over the last 12 weeks, driven by targeted marketing campaigns around the Euro 2024 tournament.

Despite mixed summer weather, Bulmers outperformed the cider market in Ireland and its premium beer and cider brands, driven by Menabrea and Orchard Pig, continued to perform strongly, reporting double digit sales growth.

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Looking ahead, the group added that it “remained confident on achieving our operating profit target for the current financial year and making progress towards the operating profit target of £84.3m (€100m) by FY2027.”

Meanwhile, the company said it is to reassume control and distribution of Budweiser’s cider portfolio, including Magners.

C&C group said it and Budweiser Brewing Group, part of AB InBev, had “mutually agreed to restructure elements of our trading relationship.”

A statement read: “Effective from 1 January 2025, C&C will reassume control and distribution of the Group’s cider portfolio, including Magners, in Great Britain.

“Bringing the sales, trade marketing and distribution responsibilities in house will provide both companies with the opportunity to strengthen their respective brand portfolios and distribution platforms.”

The half-year update comes after CEO Patrick Mcmahon resigned in June “with immediate effect” over the revelation of financial shortcomings.

The news led to the group facing pressure from investor Engine Capital to launch a strategic review process that could lead to the company going private.