Drinks group C&C has reported pre-tax profits of €57m for the six months to the end of August, compared with €65m a year earlier. C&C makes Bulmers cider in Ireland and Magners in the UK.
The group said revenue for the period was €257.5m, down 10.5%, though the fall was 6.3% when the effects of currency movements were stripped out. Operating profits before once-off items were 13.6% lower at €57.4m.
The volume of cider sold by C&C was unchanged on the previous period, but volumes of spirits and liqueurs dropped 15%.
Bulmers volumes were unchanged, while Magners in Britain was down 2%. But the Magners dip was offset by growth in Northern Ireland and the rest of the world.
C&C chief executive John Dunsmore said that trading conditions had been tougher in August and September after a positive start to its first half. But he said C&C was leaving its operating profit forecast for the full year - before the impact of its acquisition of Tennent's lager - unchanged at €77m to €82m.
Mr Dunsmore said C&C was reviewing its marketing spending after its recent acquisition of Tennent's lager and in the light of recent trading conditions.
A breakdown of the H1 results showed that cider revenue in the Republic of Ireland fell 4.2% to €90.3m, while profits were down 3% to €29.5m. British cider revenue fell 9% to €90.8m, while profits were steady at €20.9m after currency movements were stripped out.
C&C said a restructuring programme - including 120 lay-offs and a pay freeze - was on track to deliver €5 of savings. An interim dividend of three cent is to be paid.
C&C shares closed down eight cent at €2.92 in Dublin.
