Business

Tennent's NI enjoys profit bounce post-lockdown

Tennents NI recorded a £7m swing from loss to profit in its last financial year.

THE Northern Ireland business of drinks business of Tennent's saw its profits bounce back significantly as the hospitality industry recovered from the pandemic.

The beer firm recorded a £7 million swing from last year’s pre-tax loss of £1.8m, to record a profit before tax of £5.3m for the 12 months to February 28 2022.

It followed a resurgence in sales post-lockdown, with turnover rising by almost 60 per cent on last year to £52.6m.

After excise duties, Tennent’s NI Limited was left with a net turnover of £42.1m for 2022, an increase of 82 per cent on 2021.

That put Tennent’s back in range of its last full pre-Covid year, when it recorded a £58.7m turnover for the year to February 2020 (£45.7m net).

Although the lager is historically connected to the Tennent Caledonian brewery in Glasgow, it has been part of the Dublin-based C&C group since 2009.

Tennent’s NI is primarily concerned with the marketing and distribution of drinks.

The company did see its staff count fall from 70 to 63 in the latest reported period.

In a review of its business year, Tennent’s NI’s directors said the results “underpin the strategic pillars of driving growth and enhancing margins and have each been affected in the financial year ended 28 February 2022 due to the reducing impact of Covid-19 on the hospitality sector during the financial year prior to the prior financial year”.

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