10th Mar 2016 09:00
LONDON (Alliance News) - Irish drinks company C&C Group PLC on Thursday said it expects its operating profit to decline in the year to the end of February, hit by market share losses in Ireland.
The company, which owns the Bulmers and Magners cider brands, said operating profit for the year to the end of February will be around EUR103.0 million, down from the EUR115.0 million posted a year earlier.
Trading in the final quarter has been encouraging, however, and C&C said it expects some stabilisation to emerge in its current financial year, leaving it confident on its outlook.
C&C said its Irish cider category has continued to lose market share, as Bulmers has been put under pressure by new entrants. The firm does expect Bulmers to stabilise in the 2017 financial year. Magners, meanwhile, saw volumes shipped rise in the 2016 financial year, and C&C will invest further in the brand.
The group will publish its full-year results on May 11.
C&C shares were up 4.1% to EUR3.65.
By Sam Unsted; [email protected]; @SamUAtAlliance
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