Improvement In Irish Cider Market
Published on May 20 2014 7:36 AM in Drinks
The maker of Bulmers, C&C, reported today that its UK and Irish markets have performed strongly as annual pre-tax profits increased to €116.2 million. In the year ended 28 February, the company reported revenues were up 30% to over €620m on the back of acquisitions which included the Gleeson Group. C&C is also set to launch its new Irish lager Clonmel 1650. Their chief executive Stephen Glancey said "The cornerstone of our strategy is maintaining strong domestic brand market combinations. In Scotland we are pleased with progress on Caledonia and Heverlee and in Ireland we are optimistic on the prospects for our new Irish lager, Clonmel 1650." He went on to say that conditions in the drinks industry are "gradually improving" in Ireland and the UK: "In the UK, the broader cider market remains competitive and commoditised. We are focused on building a portfolio of authentic, traditional high-quality ciders targeting the premium, and craft segments of the market." "In the US, the combined impact of integration, increased competition and distributor consolidation materially impacted our performance. While we have re-based our own short term expectations of growth, the market remains both attractive and dynamic." On a world scale, the company saw revenues rise by 69.3% to €79.9 million, and operating profits rose 68.4% to €16 million on the back of increased exports to Canada, Australia and Asia.