Magners owner C&C toasts premium drinks sales
C&C Group, the owner of Magners and Bulmers cider, toasted a surge in sales in the first half, boosted by customer demand for premium drinks.
Revenue increased 13.5 per cent to €874.8m in the six months to the end of August, and operating profit was up 9.2 per cent to €63.8m.
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The Irish company’s super premium, organic and craft drinks offering posted revenue growth of 21 per cent, and now accounts for 8.5 per cent of C&C’s branded revenue.
In the UK sales grew 2.7 per cent despite a 2.9 per cent dip in Magner’s volumes. Tennent volumes were down six per cent.
“Last year was exceptional with a World Cup and a hot summer boosting demand. Despite challenging year-on-year comparatives we have delivered a resilient revenue performance in our core brands,” the company said today.
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In a note to investors analysts at Shore Capital Markets said: “Overall the results are slightly ahead of our estimates, helped by stronger revenues, against demanding weather related comparisons.”
C&C Group said current trading is in line with expectations, despite “the economic uncertainties linked to macro and political issues”.
Main image credit: Getty