C&C Group Share News (CCR)

Magners cider group C&C has revealed the upturn in sales it reported earlier in the month was down to an accounting error and that the real picture is much worse.Instead of the previously stated 3% increase in like-for-like sales in the four months to June, the total was in fact a 5% decline on a constant currency basis.The 3% increase in cider revenues previously reported has now been changed to a 6% decline, while the 12% fall in liqueurs and spirits is now a 22% fall.Despite this, C&C says that following four months of encouraging trading in the cider division, it now has a greater degree of confidence about its plans for the current financial year. "As a consequence, and as previously outlined, the group intends to commit up to an additional €8m of brand investment following recent good weather conditions. With this investment, the group expects to report an operating profit outcome for FY2010, at the top end of the group's previously stated guidance range of €77m to €82m," it added.