Poor weather dilutes C&C first quarter

C&C Group, the Magners cider brewer, said poor weather in the UK and Ireland resulted in weak cider numbers for the first quarter but it remains confident in earnings growth for the full year.

Operating profit for the full financial year is expected to be in the range of €112m to €118m, it said.

It added that Tennent's performed well in the difficult trading conditions and continues to grow its earnings. Export also enjoyed a good quarter with the addition of the Hornsby's brand complementing steady organic growth.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

CEO Stephen Glancey commented: "Despite a challenging quarter and tough consumer backdrop, we are confident that our resilient business model and strong brand market combinations will deliver continued earnings growth for the full year and maintain our business momentum."

C&C said its core cider business will see an increase in commercial support and brand activity over the next nine months and it anticipates a recovery in volume and revenue.

CJ