Bulmers owner C&C stock price slumps as 'soft' UK market dampens profits

Some of its group's other brands include Santa Rita wines, 5 Lamps, Orchard Pig, and Blackthorn

Irish drinks producer C&C Group which owns Bulmers cider and Tennent's lager on Friday cut its fiscal 2026 profit forecast, blaming weak confidence following November’s UK budget that altered buying habits and saddled demand, sending shares down to a near 17-year low.

Bulmers cider owner C&C Group cut its 2026 profit forecast blaming weaker demand sparked by the UK's November budget, sending its share price tumbling in London on Friday.

A statement from the Irish drinkmaker said it is lowering its adjusted operating profit forecast to €70m to €73m for the year ending February, compared to market expectations of €79.4m.

The stock was down 8.5% at 9.50am today.

C&C operates its flagship cider brand as Bulmers in Ireland and as Magners in the UK and other markets. Some of its other drinks brands include Tennants Lager, Santa Rita wines, 5 Lamps, Orchard Pig, and Blackthorn. 

"As the Group approaches the end of its financial year, overall trading is below the board’s expectations. Customer performance across November and early December was impacted by weak consumer confidence associated with the November UK Budget," a statement from the company said. 

"Our business performance was driven primarily by softer than anticipated demand in hospitality, alongside adverse product mix, as consumers continue to move away from the consumption of wine and spirits, in favour of beer, across the market. 

C&C said trading across the Christmas fortnight was in line with expectations but January to date has seen continued "softness" of consumer demand in the market and the board anticipates that this will continue for the balance of the current financial year. 

"As a result of these factors, the Group now expects adjusted operating profit to be in the range of €70m-€73m, reflecting the lower operating profits in our distribution business.

"Within our overall performance, our brands continue to deliver well. Tennent’s and Bulmers performed strongly across the festive period and have delivered well against our new innovation objectives.

"The business continues to be cash generative, and we anticipate continued solid underlying cash generation for the year. The business remains financially robust with a strong balance sheet, significant liquidity and covenant headroom. The board remains committed to its capital return plans of returning a total of €150m over the previously announced timescale with €92m already returned as reported in our interim results."

The company will announce its full year results in May. 

C&C's board expects "current macroeconomic and consumer headwinds" to continue into next year, with 2027 profits expected to be similar to the current year. The company said this reflects the impact of planned reductions in volumes through its distribution channel as less profitable business is exited. "The lag between revenue decrease and cost reduction initiatives is expected to lead to some degree of short-term profit dilution."