C&C forecast cut as cider sales fall

Underwhelming summer sales data for the Magners cider brand in Britain has led Davy Stockbrokers to downgrade its profit outlook for the product’s Irish parent, C&C by €3m.

At the Dublin-headquartered drinks group’s AGM two months ago, management forecast strong growth — saying that operating profits for the 12 months to the end of February should come in at between €112m and €118m.

This would follow profits of €111.2m in its last financial year.