Magners hit by flat results

MAGNERS producer C&C has seen its earnings plunge by 37 per cent as cider sales volumes slipped by 11 per cent.

The Dublin-based company reported underlying operating profits of £99 million in the year to February 29, down from £157.9 million. It blamed the damp summer for the poorer performance.

Magners volumes declined by 15 per cent in the year to February 29, while Bulmers volumes were down four per cent.

The company said its current year had also got off to a lacklustre start amid "weak" trading conditions due to poor spring weather and low consumer confidence.

But C&C said a "normal" British summer should see premium cider sales return in growth, with the launch of Magners Draught this month.