Manufacturer of Bulmers the C&C Group has recorded a 4.6% drop in its adjusted earnings before interest, taxation, depreciation and amortisation to €57.6 million during the first six months of its current financial year.
According to The Irish Independent, the group's net revenue was down 6.8% year-on-year to €273.1 million, while its operating profit dropped nearly 5% to €50.5 million compared to the same period last year.
The devaluation of sterling, flat cider sales in the UK and a fall in the sales of Bulmers brands were among the factors that C&C attributed to the fall in earnings.
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However, the group did record a 24% rise in volumes of sales in the super-premium and craft markets, with its super-premium and craft portfolio now contributing €7.8 million to its revenues.
Additionally, C&C operating margins rose 40 basis points to 18.5% and export volumes increased by 5%.