C&C on track for top-end year earnings
Published 16/01/2010 | 05:00
BULMERS maker C&C yesterday insisted it remained on track for full-year earnings at the "top end" of the €77m to €82m range, despite a 13pc fall in revenue at its core cider division in its most recent quarter.
The double-digit sales fall for the three months to November 30 was revealed in an interim management statement released yesterday ahead of the group's February year-end.
In the statement, C&C also confirmed more positive trading for both its cider and spirits and liqueurs divisions in December and said its recently acquired Tennent's business was poised to contribute about €7m to 2010's figures.
C&C's revenue, excluding the Tennent's contribution, dropped 9pc in the third quarter -- a marginal improvement on a 10.5pc fall in like-for-like sales over the first six months.
The drop in cider revenues stemmed from a 17pc fall in British sales and a 13pc fall in Ireland. Sales of spirits and liqueurs, meanwhile, were up 4pc.
The falls were reversed in December, where cider volumes were up 3pc overall and spirit and liqueur volumes were up 23pc.