C&C to up growth of Magners by 8pc in UK
IRISH drinks group C&C is expected to drive the growth of its Magners cider brand forward by 8pc in Britain this year.
Investment bank JP Morgan Cazenove said it was upgrading the C&C stock from 'neutral' to 'overweight'. C&C reported a strong set of results, for the full-year to the end of February, showing a 17pc rise in operating profit (to €105m) and a reduction in net debt from €365m to €6m.
"We expect some slight absolute profit decline in Ireland, but with volume growth in Britain driving positive operational gearing and the continued growth of the export business, this should allow around 9pc organic EBIT growth even with uplifted marketing investment," Cazenove said in its note.