Tennent’s is continuing to perform well in the Scottish independent on-trade with total branded volumes increasing by 7%, according to the latest interim Management Statement covering the period from 1 March 2013 to the 31st May issued by owners C&C Group last month. However Tennent’s UK volumes saw a decline of 12.4% with revenues down 6.1%.
Stephen Glancey, C&C Group CEO, commented, “Our Tennent’s business has again performed well and provides a degree of balance to a competitive UK cider market.” In Cider UK, Q1 volumes declined in both Magners and Gaymers brands with over 85% of the volume loss driven by the off-trade channel which remains intensely competitive. Magners volumes declined nearly 20% while Gaymers saw a decline of 25%.
The Group forecasts operating profit for the 2014 financial year to be in the range of €125m to €132m. The expected outcome represents year-on-year earnings growth of between 10% and 16%.
Glancey continued, “We remain focused on developing our multi-beverage capability in core markets and investing in customers through our trade lending model.”