C&C Group, the Irish drinks company, has reversed the sales decline of its flagship Magner’s cider brand for the first time since 2007.
In its half-year report for the six months to 31 August the company, which is led by chief executive John Dunsmore, said volumes rose by 0.7%.
However, the company conceded sales volumes for the brand were still running at half the peak levels of 2006, when C&C rode high after engineering the “cider over ice” drinks fashion for the UK on-trade.
It also reversed a full-year loss of Eu65.8m into a profit of Eu78.8m last year, also saw interim profits for the period to August 31 boosted by Eu300m sale of its Willliam Grant & Sons spirits and liqueurs business in July.
Excluding the impact of gains on disposals, pre-tax profits rose from Eu52m to Eu54.7m.
Total revenues for the period were boosted by the Tennent’s lager business, acquired last August, and Gaymer's, which owns the Blackthorn and Olde English cider brands, which was bought in January.
The company ended the period with net cash of Eu21m.
