UK: Bulmer to pull out of South Africa and trim US operations
The troubled UK cider group, HP Bulmer Holdings, is to pull out of South Africa and trim back its US operations following its disappointing year end results which saw profit before goodwill and exceptionals fall from £28.6m to £21.1m. The success of Smirnoff Ice and other RTDs hit the US cider market hard with Bulmer's North American division recording a loss last year of £2.1m against an operating profit of £814,000 the year before.
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