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Profits lose their fizz for the drinks company C&C

By Michael Cogley

Published 29/10/2015

Sales of Magners have slumped by 17% after the cider brand lost market share and felt the impact of supermarket price wars
Sales of Magners have slumped by 17% after the cider brand lost market share and felt the impact of supermarket price wars

Drinks company C&C has reported a 9.5% fall in operating profit as the first half of its financial year proved to be a challenging one.

Group earnings before interest and tax (EBIT) fell by 9.5% year on year as well as factors such as unsuitable weather and business model transition took their toll.

The company, which makes Bulmers cider - sold as Magners in Northern Ireland - reported a €38m (£27m) reduction in net debt and also showed a 5.1% increase in the interim dividend.

The company's net revenue fell by 2.6% to €358.6m (£259m) while its basic earnings per share also fell by 10.5% to €0.137.

Operating profits at the company stood at €62.6m (£45m), a fall of 9.5%, with chief exectuive Stephen Glancey pointing to difficulties in core markets in Scotland and Ireland.

Subisidiary Tennent's NI employs 75 people in Northern Ireland. In its most recent results, Tennent's NI had pre-tax profits of £5.5m on turnover of £54.7m.

Belfast Telegraph

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