C&C reiterates full-year operating profit guide

Irish drinks giant C&C has reported a 1.8% year-on-year increase in third quarter sales volumes for its domestic business; with management reiterating full-year operating profit guidance.

In its third quarter trading update — covering the three months to the end of November — C&C said that sales volumes for its Bulmers cider brand rose by 0.9% here, while its beer volumes were up by 7%. However, net revenue for the group’s Irish division was down by 3.5% on a year-on-year basis.

Management called the third quarter performance, for the Republic, “a significant improvement” on the first half of the year, with trading conditions stabilising, as expected, after the unseasonably wet summer. For the nine months to the end of November, C&C’s Irish sales volumes were down by 1.6%, year-on-year, with net revenue down by 10%.