Magners firm braced for further slowdown
Magners cider firm C&C today warned it expected cider revenues to continue to decline during the remainder of the year amid high levels of competition.
The Dublin-based group said it expects the UK’s low growth trend in the premium cider sector to continue after the poor summer weather hit the key trading period, while market share remains under increasing pressure after rival Scottish & Newcastle released its Bulmers Original cider over ice.
C&C said it now expected to see a “high single-digit percentage” decline in cider revenues in the second half of the year compared to the same period last year.
The news came as the firm reported a 30% fall in pre-tax profits to €59.3m for the six months to August 31, as revenues remained flat at €375.6m.
