C&C expects operating profits of €103m for 2016
Drinks manufacturer C&C has said it expects group operating profit to be in the region of €103 million this year.
In a trading statement released to the Irish Stock Exchange this morning, ahead of the publication of its annual results on March 10, the maker of Bulmers cider said trading in the last quarter of the year provides grounds for optimism.
The company said that the cider category in Ireland is continuing to lose share to other long alcohol drinks and said that Bulmers has lost ground to other new arrivals in Ireland.
C&C says the distribution of Corona in the Republic and Heverlee and Clonmel 1650 in the North has improved again this year.
Export of the company’s brands should deliver 20pc volume growth in 2016 with the group agreeing distributor partnershipsw with San Miguel in Thailand and Coca Cola Amatil in New Zealand.
However, it said the cider category in Ireland continues to lose market share to other long alcohol drinks, with the Bulmers brand ceding ground to the distribution build of new arrivals.
The company also said cost reduction plans announced in October 2015 are well advanced and the targeted €15 million of savings will start to flow through in 2017.
