C&C warns on profits after fall in Scottish sales

Tennent’s owner C&C today said its annual profits would fall short of last year after it suffered worse-than-expected trading in the third quarter.

The Irish firm, which also owns the Bulmers and Magners cider brands and drinks wholesaler Wallaces, said volumes in Scotland during the three months to 30 November were 2.4 per cent lower than a year earlier.

“The group’s core markets, however, are expected to continue to provide resilient levels of profitability and cash flow,” it added.

C&C said that, following the weaker-than-expected trading conditions, it now expects to deliver a full-year operating profit of about €115 million (£89m), down from €126.7m in the previous year.

It added: “Looking beyond 2015, the group expects the core markets of Ireland and Scotland to continue delivering resilient performance through strong, brand-led multi-beverage operating models.”