C&C expecting €130m profits for 2014
C&C HAS reaffirmed its 2014 profit expectations after reporting resilient sales in Ireland and Scotland.
The company re-affirmed its operating profit guidance for 2014 of between €125m and €132m.
Trading in key markets Ireland and Scotland in its third fiscal quarter, September to November, was described as "resilient".
Combined, those markets account for about 63pc of group earnings. The company said the Gleesons business, the Finches Orange manufacturer which C&C bought in 2012 and is in the process of integrating, performed in line with expectations. It is also in the process of expanding its craft beer offering in Ireland. Nine-month net revenues from Ireland (excluding the Gleesons business) increased by 3.7pc and volume was up 3.5pc.
Tennent's Lager performed well in Scotland with volumes up 8pc in the three-month period.
Caledonia Best and Heverlee volumes also continued to grow.
However, C&C said trading in the "highly competitive" UK cider market remained challenging. Its flagship UK product is Magners, which is the number one UK modern cider brand by volume and value.
Shares in the company were up 2.5pc by early afternoon yesterday, to €4.45.