C&C, the maker of Bulmers/Magners cider, has issued a profit warning due to the impact of Covid-19, a little more than a week after telling investors that it was assuming no impact from the virus. It also revealed it is in talks with tax authorities in the Republic and also Britain over the payment of alcohol duties. The Clonmel-based company issued a trading statement on Thursday of last week saying it expected “mid- to high single-digit” growth in its earnings per share, although it flagged that it was monitoring the possible impact of Covid-19. Topping up cash reservesC&C said it is “unable to quantify” what the impact might be on sales and profits. It said it has drawn down €210 million from a bank overdraft facility to top up its cash reserves of €137 million.

Source: The Irish Times March 20, 2020 14:40 UTC