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C&C warns profits to fall after cider sales tumble in late 2014

Reuters - UK Focus

DUBLIN, Jan 14 (Reuters) - Irish cider maker C&C warned on Wednesday that its annual profits were set to fall after poor sales in the last four months of 2014 as it pursued a failed takeover bid for British pubs group Spirit.

C&C forecast operating profits of 115 million euros in its financial year, which ends in February, down from 127 million euros in the previous year.

Cider volumes in the UK were down 9.8 percent in the three months to the end of November, with net revenue down 18.2 percent reflecting intensified competition. C&C said it is planning to significantly reduce costs in the UK. (Reporting by Conor Humphries; editing by Jason Neely)