C&C predicts further fall in its core markets

THE already downbeat business outlook at drinks group C&C got gloomier yesterday with the Dublin and Clonmel-based business saying that market conditions in its core markets of Ireland and Britain are likely to deteriorate further.

The group — which makes the twin cider brands of Bulmers and Magners — reiterated yesterday in a pre-close trading update, that results for its latest financial year up to the end of February, will show an approximate 13% decline in revenue and operating profit of around e90 million. That latter figure would be down from e125.2m in the previous year. Poor weather last summer and a strong euro against sterling were the main causes for the poor performance during the year.

C&C shares rose 10%, or 9 cents, to close at 99c in Dublin trading. The stock has fallen 32% since the start of the year, pushing its market capitalisation down to e313.