Beer not expected to be material for a while.Whatever they make...

Beer not expected to be material for a while.
Whatever they make will probably ploughed back into promotion.
However they are signalling their intentions.

The way I see CCL's strategy evolving is to leverage their very good distribution to become brand consolidators (eg SPC, IXL, Grinders, Neverfail etc).

CCL is probably one of the few suppliers who can sit at the table with WOW, CML as equals.

And there is no reason why every joint which sells Coke (pretty much everywhere) cant sell Baked Beans or Coffee or beer.

Thats the strength of CCL's model, and they are uniquely placed to execute it.

But they are experiencing cost pressures this year. Not a bad thing. It will test them.