31st Jul 2007 14:30
C&C Group Plc31 July 2007 Outlook for six months ending 31 August 2007 Dublin, London, 31 July, 2007: C&C Group plc ('C&C' or the 'Group'), a leadingmanufacturer, marketer and distributor of branded beverages in Ireland and theUK, today issued the following statement in relation to trading performance forthe first half year to 31 August, 2007. When C&C issued its Interim Management Statement in advance of the AGM on 13thJuly 2007, the Group indicated that it expected operating profit(i) for the fullyear ending 28 February 2008 to match last year, including a decline inoperating profit(i) for the six months ended 31 August 2007. Trading performance deteriorated at an unexpected rate during the second half ofJuly and C&C's cider sales volumes for the month declined significantly on thesame period last year. This weak performance primarily reflects the sustainedperiod of extremely poor weather in Great Britain and Ireland and also increasedcompetition in Great Britain. Taking into account the low rate of sale in July and the anticipated knock-oneffect into August, the Group has reduced its view of the half-year outcome.Accordingly the Group would expect that in the half year to 31 August 2007operating profit(i) outcome will be down by c. 35% on the prior year. The scaleof the decline reflects weak cider volumes combined with substantially highermanufacturing and marketing costs. The impact of the extremely poor weather on summer recruitment, together withincreased competition, leaves a degree of uncertainty in respect of the outlookfor the second half year for the Cider division. During the second half theGroup plans to maintain its marketing investment programme while reducing costsin other areas. C&C will provide its perspective on the second half performancewhen it issues its half year results on 10th October 2007. The Group will issue its first half trading statement on 31 August 2007. (i) Continuing operations - before exceptional items and excluding Snack/SoftDrink divisions. Investor and Analyst Conference Call Details Maurice Pratt, Group Chief Executive Officer and Brendan Dwan, Group FinanceDirector will host a conference call for institutional investors and analysts at3.30pm (local Irish time) today. Dial in details are available from K CapitalSource on +353 1 631 5500 or c&[email protected] Investors and analysts Irish Media International Media Mark Kenny or Jonathan Neilan Paddy Hughes or Ann-Marie Curran Edward OrlebarK Capital Source Drury Communications M Communications Tel: +353 1 631 5500 Tel: +353 1 260 5000 Tel: +44 207 153 1523Email : c&[email protected] Email: [email protected] Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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