C&C trading 'below expectations'

C&C trading 'below expectations'

Drinks company C&C has said trading conditions in third quarter of the year, and around Christmas, were below expectations.

In Ireland, sales volume was down by 3.4% in the quarter from September 1, with October and November particularly quiet months.

That experience was duplicated in Scotland, with volume down 2.4%.

In an interim management statement this morning, the company said its cider volume in the quarter was down 9.8% with net revenue down 18.2%.

In the US, volume declined 16.2% in the period. C&C said this was "an improvement on the first half but still some way from a return to growth".

In more positive news, excluding the US, the company said underlying performance in other export markets was strong.

Volume in Europe increased 18.6% in the quarter with Magners up 7.1% and Tennent’s up 62.1%.

Distribution issues in Australia depressed overall volume in the segment for the quarter but C&C said those issues were now resolved.

The company said it expected an operating profit for 2015 in the region of €115m.

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