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C&C swings to loss; warns of more pain from new lockdowns
StockMarketWire.com
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Alcohol and soft drinks group C&C said it had returned to profitability during the month of September, but warned of weakness in its on-trade business as Covid-19 restrictions returned in October.
For the six months ended 31 August 2020, pre-tax losses were €25.4 million, compared with a loss of €56.6m year-on-year as revenue slumped 55.4% to €286.7 million.
C&C said its business had returned to profit alongside the reopening of the on-trade in July, but warned the outlook for the on-trade sector remained challenging with limited near-term visibility.
'September continued the return to profitability for the group, however October is challenged by further on-trade restrictions in both the UK and Ireland,' the company said.
'We expect to see reduced volumes in the on-trade continue for the near term partially offset by increases in the off-trade,' it added.
Story provided by StockMarketWire.com
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