Continued Recovery For C&C Group’s Magners Cider
Irish and UK cider and beer producer C&C Group has reported that its Magners cider brand in Great Britain is continuing to recover with volumes up and net revenue close to level, arresting the decline of previous years.
In the three months to 30th November last year on year volumes of Magners were up 4.8%. As was the case at the half year, channel mix weighting in favour of the off trade, the absorption of the duty increase and promotional activity in the off trade combined to deflate net revenues by just over 5%. The net volume and price impact leaves net revenues down 0.3% in the quarter, in comparison with minus 5.8% at the half year.
Although economic conditions in its core markets remain unpredictable, C&C remains confident of achieving its previously stated guidance for operating profits in the range of €102m-€106m for the full year.
