C&C writes down value of US arm by €150m

Drinks group C&C has written down the value of its US operations by €150m on the back of another challenging year in the region.

In its annual results presentation covering the 12 months to the end of February the Bulmers/Magners owner said yesterday the one-off impairment charge is a reaction to its market share in the US coming under pressure from new entrants, growth in the craft beer category and “severe market disruption”.

However, it added that its US business remains well invested and a stabilisation of the market should lift volume sales and “flow through to bottom line profitability” in time.