Interim Management Statement

RNS Number : 8256Y

C&C Group Plc

11 July 2008

 

Interim Management Statement 

Dublin, London, 11 July, 2008: C&C Group plc ('C&C' or the 'Group'), a manufacturer, marketer and distributor of branded beverages in Ireland and the UK, today issued the following Interim Management Statement for the four months ended 30 June 2008.

Four months ended 30 June 2008

Revenue(i) for the four months ended 30 June, 2008 declined by 8% compared with the same period last year. This performance includes a revenue decline of 10%­ for C&C's Cider division and growth of 3% in revenue for Spirits & Liqueurs.

Group operating profit(i) for the period showed an increase on the same period last year, reflecting the improved operating margins arising principally from the cost reduction programme initiated in February 2008.

Cider revenue declined in both Great Britain and the Republic of Ireland in the period.

In Great Britain, Magners overall performance was broadly in line with expectation for the period. Magners Draught was launched in May and after a slow start, due to initial equipment supply difficulties, is now progressing well.

 In the Republic of Ireland, the decline in Cider revenue in the period reflects weak market conditions, particularly in the on-trade.

Performance Review & Outlook

The Group's overall performance during the first three months of the fiscal year (March to May) was broadly satisfactory. However, a weak trading performance in June together with continuing unsettled weather and a deteriorating economic backdrop in C&C's principal markets makes the outlook uncertain.  

C&C's current expectation for the half year to 31 August 2008 is that revenue(i) is unlikely to match last year's level but improved operating margins during the period should, at least, offset the impact of revenue decline on operating profit(i).

2008/09 Reporting Calendar

The Group will issue a six months trading update on 29 August 2008 and host a conference call for analysts and institutional investors on that date. C&C will issue its 2008/09 interim results on 9 October 2008.

(i)  Continuing operations - before exceptional items.

Investors and analysts	Irish Media	International Media
Mark Kenny or Jonathan Neilan K Capital Source Tel: [phone] Email :c&[e-mail]	Paddy Hughes or Ann-Marie Curran Drury Communications Tel:    [phone] Email: [e-mail]           [e-mail]	Edward Orlebar or Charlotte Kirkham M Communications Tel:    [phone]/1531  Email: [e-mail]            [e-mail]

Special Note regarding forward-looking statements

The announcement includes forward-looking statements, including statements concerning expectations about future financial performance, economic and market conditions, etc. These statements are neither promises nor guarantees, but are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.

 

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