IRELAND: C&C Group cider sales rise false
Shares in C&C Group have dived after the cider group said it wrongly reported a 3% rise in net sales for the first four months of its fiscal year, when sales actually fell by 5%.
C&C Group's share price slipped by around 10% to EUR2 this morning (13 July) after the firm revealed its group sales revenue figures for the four months to the end of June were wrong.
The Ireland-based company, which owns Magners and Bulmers cider in UK and Ireland respectively, also gave the wrong cider sales figures.
Cider sales fell by 6% on a constant currency basis, the group said, after last week claiming that sales were up 3%.
The mistake indicates that C&C Group has failed to halt almost two years of consistent sales decline in its cider division.
A spokesperson for the group told just-drinks that the mistake was due to "a straight forward error in reporting lines".
A stated 4% slide in cider sales by volume remained unchanged, C&C said. Operating profits and earnings guidance were also left unchanged.
Operating profits for the full-year are expected to be at the high end of the group's guidance range of EUR77m to EUR82m, the spokesperson reiterated today.
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