Shares in cider maker C&C Group tumbled today (13 March) after the Magners owner said its annual earnings would miss expectations.
The UK-listed company, which is also home to Tennent’s lager, expects its underlying EBIT to be “modestly below” its targets.
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C&C Group expects to report underlying EBIT of €76-78m when it files its annual results in May. It pointed to “softer trading” in January and February.
The business, which also owns UK distributor Matthew Clark Bibendum, pointed out the result would be a “significant recovery” versus the €60m booked last year.
C&C Group said its revenues are expected to be “in line with last year” amid growth from its distribution business. That progress is expected to be offset by the impact of the company’s moves to offload its soft drinks business in Ireland, quit “low-margin” contract brewing contracts and “softer” cider sales in Great Britain during the summer.
CEO Roger White, who took the helm in January, said: “Having joined the business in late January 2025, although it is still early days, I believe I have already gained an understanding of the business and the wider market dynamics. It is clear to me that C&C has a committed and capable team, alongside great brands and a passion for delivering for its customers. However, there is much work to be done to fully realise the potential across the group.”
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By GlobalDataThe company said it plans to relaunch the Magners brand in its new financial year.
C&C Group added it is “well-positioned” to navigate what it described as “challenging conditions”.
It said: “Our previously stated objective to deliver €100m EBIT remains in place over the medium-term.”
C&C Group’s shares stood at 121.2p at 13:14 GMT, down 18% on the day.
Greg Johnson, an analyst at Shore Capital, which is a broker to C&C Group, said: “Given the backdrop, management is taking a more cautious stance on the outlook but importantly medium-term targets have been reiterated. We would expect the building blocks to this profit build to be set out, under the stewardship of new CEO, Roger White, at the preliminary result in May.”
