C&C operating profit seen modestly below target, Halma hails ‘good progress’

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Bulmers cider maker C&C said underlying operating profits would be “modestly below” target amid weaker consumer confidence and the impact of higher wages and employer taxes introduced in the Budget.

Group revenues are expected to be in line with last year reflecting growth in its distribution business, offset by the impact of the disposal of its non-core soft drinks business in Ireland, the exit of low margin contract brewing volume and softer cider sales in Britain during the key summer trading period.

"Despite these headwinds, the group has made good progress and expects to report underlying EBIT in the range of €76m - €78m, which although modestly below our target due to softer trading across the market in January and February, reflects significant recovery versus the prior year's earnings of €60m," it said.

Halma hailed the "good progress" made during the second half of its financial year to date, with trading conditions across its end markets described as "varied".

Order intake remained ahead of revenues year-to-date and versus the year earlier period.

Halma also said that its adjusted EBIT margins had been supported by a better-than-expected performance in all three of the sectors in which it operated.

The full-year adjusted EBIT margin was now expected to be "modestly above" 21% (UBS: 21%). Management also reiterated its forecast for "good" organic constant currency revenue growth for the full year.

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US close

Major indices delivered a mixed performance on Wednesday as investors digested February's CPI reading and trade tensions between the US and a number of its major trading partners continued to weigh on sentiment.

At the close, the Dow Jones Industrial Average was down 0.20% at 41,350.93, while the S&P 500 gained 0.49% to 5,599.30 and the Nasdaq Composite saw out the session 1.22% firmer at 17,648.45.

The Dow closed 82.55 points lower on Wednesday, extending heavy losses recorded in the previous session after Donald Trump announced that he would double tariffs on steel and aluminium imports to 50% in response to Canada's move to take a 25% levy on electricity exports.