C&C says Q3 trading figures improved
Drinks group C&C says its trading performance in Ireland improved in the third quarter last year, with volume growing after a weak summer trading period.
In an interim management statement, the company said it still expected operating profit to be about €112 million, despite the challenging trading and economic environment.
Volumes rose by 1.8 per cent over the three months, in what the firm described as a “significant improvement” on the first half of the year.
“As anticipated, trading conditions stabilised following an unseasonably wet summer period and volumes benefited from trade buy-in ahead of the December duty rise,” C&C said in its interim management statement.
Cider volumes were up 0.9 per cent and beer sales rose by 7 per cent. However, pricing pressures continued and volume continued to grow in the off-trade at the expense of the on-trade. Net revenue fell 3.5 per cent over the three-month period.
In the UK, cider volumes fell 11.9 per cent in the three months to November, with revenue down 19.1 per cent. Volume was 11.7 per cent lower in Magners, with a 12.3 per cent decline in Gaymers. The figures represented an improvement on the first six months of the fiscal year.