Drinks company reports rise in pre-tax profits

The C&C Group, manufacturers of Bulmers and Magners cider, has reported a rise in pre-tax profits.

The C&C Group, manufacturers of Bulmers and Magners cider, has reported a rise in pre-tax profits.

The company reported a 2.7% rise in pre-tax profits to 109 million for the year ending February 28, 2013 and 106.1 million for 2012.

Chief executive Stephen Glancey said that the second half of the year had brought some trading stability to the drinks market, following the slump from poor weather in the early part of the year.

“Our results are in line with stated guidance and while it has not been an easy for our core cider brands, with poor weather and increased competition, particularly in the UK, the second half did bring some trading stability in Ireland.

We have had an excellent contribution from the Tennent’s brand, both in domestic and international markets, providing some balance to the increased competition within UK cider”, he said.

C&C Group Plc rose the most in three weeks in Dublin trading as the cider market said it will continue to deliver earnings growth.