Magners revision reveals revenue drop
Published:  13 July, 2009

Shares in Magners owner C&C Group have plunged after the company revealed it had released incorrect figures in an earlier trading statement.

Revised revenue details showed a 5% drop in revenues in the four months to June 30.

C&C had originally stated that revenues had seen a 3% increase year-on-year.

The revision caused C&C’s share price to drop almost 10% on the London stock market this morning.

C&C said revenues from Magners cider in the GB market fell 12% on a volume figure of –4%, which was as originally stated.

The updated statement said: “As previously outlined, the group intends to commit to an additional €8 million of brand investment following recent good weather conditions

“With this investment, the group expects to report an operating profit outcome for the year at the top end of the previously stated guidance range of €77 million to €82 million."

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