Dublin, London 27 August, 2009: C&C Group plc ('C&C' or the 'Group'), a manufacturer, marketer and distributor of branded beverages in Ireland and the UK, today issued the following Trading Statement for the five months ended 31 July 2009.
Five months ended 31 July 2009
Revenue declined by 5% on a constant currency basis versus the same period last year, comprising a decline in Cider revenue of 4% and a decline in Spirits and Liqueurs revenue of 22%.
The Group’s cider volumes increased by 3% whereas its Spirits & Liqueurs volumes declined by 17% during this period.
In the Republic of Ireland, Bulmers cider volumes grew 3% against the backdrop of a weak LAD(i) market and a challenging economic environment while in Great Britain, Magners cider volumes increased by 1%.
The Spirits & Liqueurs volume decline in the period is attributable to continuing de-stocking in its major markets, however, there are some indications that this de-stocking process may be drawing to an end.
Performance Review & Outlook
The Group has taken a series of steps to stabilise performance and to better position the business for growth in Ireland and the UK. The performance of the Cider business during the first five months is encouraging.
The Group re-affirms its guidance that operating profit for the financial year ending 28 February 2010 for the existing business of the Group, before taking into account the impact of the proposed acquisition of the Irish, Northern Irish and Scottish businesses of AB InBev, will be at the top end of the previously stated guidance range of Eur 77m to Eur 82m.
(i) Long Alcoholic Drinks