Drinks maker C&C Group Plc said on Friday that overall trading has been below internal expectations in FY26, with customer performance across November and early December impacted by weak consumer confidence associated with the UK Budget.
C&C said its performance was primarily the result of "softer than anticipated demand" in hospitality, alongside adverse product mix, as consumers continue to move away from the consumption of wine and spirits, in favour of beer.
"As a result of these factors, the group now expects adjusted operating profit to be in the range of €70m-73m, reflecting the lower operating profits in our distribution business," said C&C.
The FTSE 250-listed firm did note that trading across the Christmas fortnight was in line with expectations. However, it also stated that so far in January, it has seen "continued softness of consumer demand" in the market.
Looking ahead, C&C currently anticipates FY27 profits to be much the same as FY26, as it expects to see current macroeconomic and consumer headwinds continue into next year.
Reporting by Iain Gilbert at Sharecast.com