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Investing.com -- Shares of the Irish drinks manufacturer, C&C Group, took a significant hit on Thursday due to the company’s announcement that it’s likely to miss its target for a key performance metric.
The London-listed company, which owns brands such as Tennent’s and Bulmers, saw its shares drop 20.8% to 1.17 pounds in early morning trading on Thursday.
The company revealed that the underlying earnings before interest and taxes for fiscal 2025 are projected to be slightly below its target, with an expected range between 76 million euros and 78 million euros ($82.8 million and $84.9 million).
This adjustment in forecast is a result of weaker demand in January and February, which the company attributes to tax increases impacting the U.K. hospitality sector and poor winter weather conditions.
Despite the dip in performance, the company’s earnings are still expected to surpass the 60 million euros reported in the prior year.
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