Sales of C&C Group Plc's Magners cider at British off-licenses and supermarkets rose for the first time since June, stockbroker Davy said, citing AC Nielsen data.
The quantity of Magners sold in the so-called off-trade climbed 9 per cent in October compared with the previous month, Davy said today in a research report. Still, sales volumes fell 14 per cent compared with the same month a year ago, it said.
C&C this week hired John Dunsmore, the former head of UK brewer Scottish & Newcastle Plc, as its chief executive officer, as it seeks to revive sales. The company last month forecast a "material" drop in second-half operating profit after wet weather and competition from rival brands cut into demand.
C&C rose 2.8 cents, or 2 per cent, to €1.41 in Dublin trading today. The stock has lost almost two-thirds of its value this year, reducing the cider maker's market value to about €441 million ($559 million).
Bloomberg