C&C on track for full year profit growth guidanceThursday 03 July 2014 18.34
Drinks group C&C has said it remains on track to deliver its financial objective of mid-single digit operating profit growth for its current financial year.
In an interim management statement, C&C reported a solid performance in the months from March to the end of June in Ireland and Scotland.
The company said that while comparatives for the second quarter are tougher, the business remains on track for good earnings growth from both territories.
C&C said that the trading environment for cider in England and Wales is still challenging but is now less relevant to the group’s economics. It said that some progress has been made towards stabilisation of its brands and earnings in the four month period.
But its performance in the US was weak, while broadly in line with internal expectations.
"C&C believes that the fundamentals of its core markets and its position within those markets support continued earnings growth. For the current financial year, C&C remains on track to deliver its financial objective of mid-single digit operating profit growth," the company said in today's statement.