Results round-up: C&C, Hardy

5th Aug 2010 17:11

Magners cider maker C&C reports market conditions in Ireland and the UK remain challenging, particularly in the on-trade, but is pleased with the performance of the Bulmers and Magners brands year-to-date. Overall, C&C expects to deliver a 2010/11 full year operating profit in line with current market expectations.Hardy Underwriting posted an interim profit despite a big jump in claims in the half year to June. Profits fell heavily to £0.8m from £7.8m as the combined ratio soared to 101.7% from 71.4%, indicating an underwriting loss, as Hardy bore a string of catastrophe losses. Gross premiums rose to £155.9m, from £149.9m. NAV rose to 257p from 247p and the interim dividend goes up to 4.4p."The soft market continues to challenge the business, but there is scope to build on our existing accounts, in particular through our recent overseas initiatives," Hardy said.