Magners sales lift C&C profits

The Magners cider brand in Britain has again lifted profits at drinks group C&C.

The group has reported that its profits almost doubled in the year to the end of February .

Operating profits soared 77% to €212.6m, as turnover climbed 27% to €981.4m and margins grew by six points to 21.7%.

Net profits were up 85% to €179.2m.

Cider sales flew up 86% to €517.9m, meaning profits doubled to €178.9m.

Magners has a 1.7% share of the market in the UK, but growth has been held back by manufacturing capacity.

The group is hoping its increased capacity will be ready this month expanding at its Clonmel facility.

It is also planning to introduce Magners into Barcelona and Munich.

In Ireland, Bulmers sales volumes were up 6%.

Revenue in the spirits division grew by 14% to €79.1m, with profits 6.6% higher at €17.7m - Tullamore Dew whiskey performing well.

But soft drinks sales fell 1.4% to €185.2m, though profits rose 20.5% to €15.3m.

C&C lost the rights to the Danone water brands during the period.