C&C Group Performance 'Below Expectations' In Third Quarter
Published on Jan 14 2015 7:55 AM in Drinks
Bulmers parent C&C Group has said that trading conditions in its third quarter, covering the period from 1 September to the start of December were 'below expectations'.
In Ireland, despite what the company said was a 'solid performance' in the first six months of the year, volume fell 3.4% in the period, with October and November 'proving to be particularly quiet months', the company said in an interim management statement.
In Scotland, where C&C owns the popular Tennent's brand, volume fell by 2.4%, while England and Wales saw cider volumes down 9.8%, with net revenue down 18.2%. 'C&C has, and continues to explore, a range of initiatives within these markets to deliver improved profitability,' the company said.
It added, "following weaker than expected trading conditions in the third quarter, conditions that continued during the Christmas period, C&C is updating its operating profit guidance for FY15. Operating profit in the region of €115 million is now anticipated."