British sales boost C&C profits

DRINKS group C&C has reported a strong first- half performance – helped by growth in its British operations – and remains on course to meet full-year targets, despite a continuous challenging trading environment.

The group – which owns, among other brands, the twin cider labels of Bulmers in Ireland and Magners – yesterday reported a pre-tax profit of €54.7 million for the six months up to the end of August. This was up from a profit of €52.1m for the corresponding period last year. Operating profit, after exceptional items, was up from €54.7m to €59.5m and net revenue (when excise duties were excluded) soared from €181.4m to €305.5m. Despite the good showing, however, management is remaining cautious.

C&C’s results announcement managed to push the company’s share price up by 6c to €3.13, yesterday.