Net Revenue Halves At Cider Maker C&C Group, Despite Off-Trade Boost
Cider maker C&C Group has posted a 55.4% net revenue decline in the first half of its financial year, compared to the same period last year, largely driven by the prolonged closure of bars and restaurants in its key markets.
The Bulmers and Magners maker reported revenue of €386.7 million in the six month period to 31 August, compared to €866.1 million in the first half of last year, as well as an operating loss of €11.7 million (compared to an operating profit of €64.4 million last year).
Nonetheless, the firm is putting a brave face on its performance, noting that off-trade sales were up 15.6% in the period, while profitability has shown signs of recovery.
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