C&C Group PLC (LSE:CCR) saw its shares plunge on Friday after the drinks company said trading in the second half was impacted by consumers reining in spending in the face of cost-of-living pressures and predicted that these conditions would persist in the near term.
It also took a significant hit from rail strikes in the UK, which reduced footfall in urban areas, the company behind the Magners and Tennent’s brands said in a trading update.
As a result of the tough environment, C&C revised its profit guidance for the 2023 financial year.
“Despite year-on-year net revenue growth of c.20% in the key trading month of December 2022, we now expect the group’s full-year operating profit range for FY2023 to be €84-88mln,” the company forecast.
C&C said it will continue to “review and drive efficiencies” throughout the business.
The company's shares dropped 8.67% to 167.86p midmorning, having traded as low as 160.03p early on.