Red faces at C&C after cider group gets its figures wrong

David Hellier
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THE new management team at cider company C&amp;C Group suffered a blow to its credibility yesterday when it announced a correction to a positive trading statement it issued just four days ago.<br /><br />C&amp;C said last week that revenue for the four months to end-June was up three per cent on the year due to good weather and lower prices, helped by a three per cent rise in cider revenue.<br /><br />But the company said yesterday that total revenue was actually five per cent lower &ndash; and cider revenue fell six per cent. <br /><br />A reported 16 per cent drop in revenue at the spirits and liqueurs division was corrected to a 22 per cent fall.<br /><br />Shares in C&amp;C fell around 10 per cent, even though the group reiterated its guidance on full-year earnings.<br /><br />C&amp;C chief executive John Dunsmore, the former head of Scottish &amp;Newcastle, will be disappointed by the error. He joined the group in November last year after it issued a series of poor trading statements.<br /><br />&ldquo;This has completely overshadowed last week&rsquo;s positive trading statement,&rdquo; said an analyst from Dublin who declined to be named. &ldquo;It&rsquo;s a shame for the new management, which has got off to a decent-ish start overall,&rdquo; he added.