Drinks group C&C has said trading in the first four months of its financial year is ahead of expectations, boosted by some good summer weather and a successful launch for its pear cider products in Ireland and the UK.
As a result, it says operating profits for the full year will be 'at the top end' of its previous range of €77m to €82m. It is also being helped by sterling's recent recovery against the euro.
In a trading update, C&C said revenue for the four months to the end of June was 3% ahead of the same period last year, helped by a 3% rise in revenue from cider.
C&C has launched Bulmers Pear in the Republic of Ireland and Magners Pear in the UK. It says Irish cider revenue is up 7%, helped by the new pear cider and its decision to cut the wholesale price of Bulmers pint bottles by 10% from the start of June.
Cider volumes in Britain are down 4%, which C&C describes as a stabilisation after a 20% drop last year.
But C&C's spirits and liqueurs business has been hit by the difficult economic environment. Revenue is down 12% so far and C&C expects profit in this division to decline by as much as a third in the current financial year.
After earlier gains, shares in the company closed down eight cent at €2.30 in Dublin.
