C&C toasts solid performance

3rd Jul 2014 07:35

- Solid performance in first four months of the year- Tougher comparatives in second quarter- On track to deliver mid-single digit operating profit growthMagners cider brewer C&C Group toasted a solid quarterly performance and said it remains on track to deliver mid-single digit operating profit growth for the current financial year. The Dublin-based group said in Ireland and Scotland its brand-led wholesaler model delivered a solid performance in the first four months of the year. Comparatives for the second quarter are tougher but the business remains on track for good earnings growth from both territories. In Scotland, the integration of Wallaces Express and Tennent's is now underway and should complete within this financial year. "The trading environment for cider in England and Wales is still challenging but is now less relevant to the group's economics. Some progress has been made towards stabilisation of our brands and earnings in the first four months," it said in a company statement. In the US, its performance during the period remained weak but broadly in line with internal expectations. Excluding the US, volumes in other export markets were up double digits in the first four months of the year. Looking ahead C&C said it believes that the fundamentals of its core markets and its position within those markets support continued earnings growth. For the current financial year, it remains on track to deliver mid-single digit operating profit growth.CJ