Half-year profits down at C&C but performance 'solid'

Drinks group C&C has announced a 2.7% dip in operating profit for the six months ended 31 August.

Posting half-year results this morning, the Bulmers maker said operating profit for the period was €69.2m, reflecting "earnings growth in our core businesses of Ireland and Scotland

offset by challenges in the US and England & Wales."

Net revenue of €368.1m were up 9.3% on H1 2013, the company said.

In a statement, the company said the results represented "a solid performance given tough prior year comparisons in Ireland, the early stage in our US marketing investment programme, and, an intensively competitive trading environment".

"Our businesses in Ireland and Scotland are the cornerstone of the Group representing 86% of operating profit," CEO Stephen Glancey said.

However the company said performance in the US has been 'disappointing' and the cider category in England and Wales remains 'highly competitive'.

C&C announced basic Earnings per Share (EPS) of 15.3 cent, up 22.4% on H1 2013, and a dividend per share of 4.5 cent (up 4.7%).