C&C hails Tennent's as cider portfolio struggles

15 May, 2013

C&C has reported a small decrease in net revenue for the business year to the end of February 2013 but operating profit rose 2.4 per cent.

The company behind Magners and Bulmers said its net revenue fell 0.8% to £402.8 million. Operating profit before exceptional items was up 2.4% to £96.2 million.

The firm said it enjoyed a “resilient performance” despite difficult trading conditions in the United Kingdom and Ireland.

It added that a strong performance from Tennent’s lager was helping to offset challenging core cider markets.

Stephen Glancey, C&C Group chief executive, said: “Our results are in line with stated guidance and while it has not been an easy year for our core cider brands, with poor weather and increased competition, particularly in the UK, the second half did bring some trading stability in Ireland.

“We have had an excellent contribution from the Tennent’s brand both in domestic and international markets providing some balance to the increased competition within UK cider.

“C&C has a resilient business model focused on value creation through strong brand market combinations. We have made significant investment this year aimed at strengthening our business in both new and existing markets.”

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