C&C expects operating profits of €103m for 2016
Published 10/03/2016 | 08:45
C&C Group, the Bulmers cider-maker, expects an operating profit of €103m in 2016 after solid trading in the final quarter of the year.
In a trading update released to shareholders this morning, ahead of the publication of its annual results on March 10, the firm said it is confident of its earning prospects for 2017.
The company said that the cider category in Ireland is continuing to lose share to other long alcohol drinks and said that Bulmers has lost ground to other new arrivals in Ireland.
C&C says the distribution of Corona in the Republic and Heverlee and Clonmel 1650 in the North has improved again this year.
Export of the company's brands should deliver 20pc volume growth in 2016 with the group agreeing distributor partnerships with San Miguel in Thailand and Coca Cola Amatil in New Zealand.
The company has pressed on with cost reduction plans in October of last year and says the targeted €15m of savings will start to flow in 2017.
C&C also said in the update that 75pc of its €100m share buy back programme announced in October is complete.