Cider is no longer rosy as C&C issues 'correction'

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Last Wednesday C&C caught the market on the hop, saying in the four months to the end of June its cider sales were up 3%.

Today it issued a "correction", as fundamental a restatement of the facts as to suggest whoever put out the original release had been on the produce.

In a statement to the Stock Exchange C&C confessed the fizz has continued to disappear from cider sales, down 12% in the UK and flat in Ireland. It further admitted its Tullamore Dew whiskey sales have collapsed 22% against a 12% reported last week.

A spokesman refused to explain why the initial statement had been so hopelessly inaccurate.

The spokesman insisted the guidance of operating profits for the financial year of 77 million (£66 million) to 82 million is unchanged. This fall of 20% from last year's profits indicates the cider-over-ice market is a pale shadow of 2006's 212 million of operating profits. The shares fell 10% to 1.99 eurocents.