C&C reports profits drop

Drinks manufacturer C&C Group , today announced its results for the year ended February 29, 2008.

Operating profit before exceptional items was €125.2m – a decline of 37.3%, with revenue for the period at €679m – a fall of 8.1%.

Adjusted basic earnings per share was 32.2 cent – a decline of 41.4%.

Cider sales volumes declined by 11%, despite a marketing investment which increased by 41% to €68m.

Maurice Pratt, C&C Group chief executive officer commented: “In 2008/09 we expect to stabilise the Group’s financial and market performance, and, to deliver growth through the benefits of a streamlined organisation; cost reduction programme; and a series of marketing initiatives.”