C&C expects €125 to €132m operating profits in 2014

The company expects to continue reducing operating costs, stated C&C’s Chief Executive Stephen Glancy.
The company expects to continue reducing operating costs, stated C&C’s Chief Executive Stephen Glancy.

“Despite difficult trading conditions” C&C expects to return an Operating Profit of €125 million to €132 million for the 2014 financial year, according to an Interim Management Statement, published as part of its AGM in Dublin today.

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3 July 2013

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This would represent year-on-year earning growth of between 10% and 16%.

Declining volumes (which excludes last March’s Gleesons acquisition) for the three months to the end of May were primarily driven by lower off-trade activity with the on-trade channel proving more robust in the period, reports C&C.
C&C’s overall RoI volumes declined 11.5% (cider down 13.4% and beer down 1.7%) in the period resulting in a 13.0% fall in net revenue.

However international volumes and revenues showed growth.

The company reports, “Trading conditions in the Group’s core Irish and UK markets were difficult in Q1 and are expected to remain so for the remainder of the year.

“Volumes were generally weaker in March and April driven by unseasonably cold weather with a relative improvement in May.”
Despite the challenging trading conditions in the cider category, C&C continues to invest in its core Bulmers and Magners cider brands with the launch of the new ‘Now is a Good Time’ marketing campaign.

The company expects to continue reducing operating costs, stated C&C’s Chief Executive Stephen Glancy.

 

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