C&C sees some Christmas cheer

15th Jan 2010 07:48

Christmas brought a little bit of cheer for Magners cider group C&C, with December sales recovering after a weak November and profits to end-February still expected to come in at the top end of guidance. Cider volumes in December were 3% ahead of the same period in the prior year, with a 17% increase in Britain, an 8% decline in Ireland and a 1% decrease elsewhere. Spirits & Liqueurs volumes were 23% ahead of the prior December. Revenue in the three months to end November was down by 9% overall compared to 2008. "Business conditions in the Group's core cider markets remain challenging. C&C expects to report a modest year-on-year decline in cider volumes for FY2010, this compares with a volume decline of over 14% in the 2008/09 financial year," it said. "Excluding the impact of the Tennents acquisition, C&C expects to deliver an operating profit outcome for FY2010 in line with previously stated guidance - towards the top end of the €77m to €82m range," it added.