In light of the COVID-19 pandemic C&C has announced that since its full year 2020 trading update was issued earlier this month, market conditions have deteriorated and it is now clear that the crisis will have a material impact on group performance in its current financial year 2021 (FY21).
In the update the Bulmers maker noted that given the ongoing uncertainty, it is unable to accurately quantify the expected impact of COVID-19 on its financial and trading performance at this stage.
However, it expects a material reduction to in it's prior expectations for FY21.
"The scale of this reduction will depend upon how the situation develops, over what timeframe, and the impact of further measures implemented by the Irish and UK Governments," the company said.
The cider maker said that it is committed to ensuring its market leading positions are preserved and with the obvious on-trade disruption it has reallocated additional resources behind its core brands’ off-trade channels, where it continues to perform strongly.
It outlined a number of measures that it has implemented and it said that it is working proactively to maximise cash, maintain a strong liquidity position and protect profits and that it has a largely flexible cost base and a supportive banking syndicate as well.
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The cider maker said that its supply chain and production network remains fully operational and its will remain committed to supporting the trade.
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