C&C shares gain as company says Irish business has improved
Published 16/01/2013 | 12:26
SHARES in C&C rose marginally after the company said business improved in Ireland between October and December. In an IMS the firm said volumes from Ireland rose 1.8pc, bucking a market that has fallen by a quarter since 2007.
In an interim management statement, the drinks company said trading conditions had begun to stabilise after the wet summer hammered sales across the sector.
Much of the growth however was driven by retailers buying in large amounts of stock ahead of the anticipated price rises at last month’s Budget.
Cider volumes rose 0.9pc in what the company described as a “steady” performance, while beer volumes jumped 7pc, driven by a 22pc climb in Tennents.
Looking ahead, the company said, “good growth in export volume should continue in the last quarter of the year, supported by the usual stock build in a number of markets ahead of St Patrick's Day”.
Shares climbed rose 0.5pc in early trading but were little changed by noon, trading at €4.55.