UPDATE 3-C&C restates revenue report, shares fall

* Corrects revenue report from 3 pct increase to 5 pct fall

* Long-running decline in cider sales continued, not halted

* Still sees year operating profit at top of previous range

By Padraic Halpin (Adds spokesman attributing mistake to human error)

DUBLIN, July 13 (Reuters) - Irish drinks group C&C (GCC.I) said on Monday its revenue fell 5 percent in the first four months of the current year, correcting its report last week that revenue was up 3 percent in the period.

The maker of Magners cider had seen its shares rise last week after it said a long-running decline in cider sales was halted with a 3 percent increase in sales in the four months to June 30. But the company corrected that figure on Monday to a 6 percent decline. [ID:nL82553]

Shares in the company were down 10 percent at 1.98 euros by 1026 GMT as investors began to raise questions over the company's new management team, brought in last November to revive its premium cider sales in a faltering economy.

"Today's update will put a question mark over management's credibility as they continue to try and re-establish the Bulmers and Magners brands," NCB Stockbrokers wrote in a note.

The management team were recruited from brewer Scottish & Newcastle in what analysts called a big coup for C&C.

"It's not good," said one Dublin-based dealer. "A lot of the buying over the last two months has been on the back of the management and their reputation but this is the first screw up by them."

A spokesman for C&C said the correction was a result of a human error.

FORECAST UNCHANGED

In Ireland, where C&C sells cider under the Bulmers brand, it originally said volumes rose 4 percent, in contrast to a 4 percent drop in Britain which C&C said was still better than planned.

However, it said on Monday the unaudited revenue details provided within the trading statement were inaccurate and Irish cider sales were flat while British sales fell 12 percent.

The company, which also makes Tullamore Dew Irish whiskey, said spirits and liqueur sales decreased 22 percent in the period to June 30, a fall 10 percent greater than previously indicated in the July 8 statement.

However, C&C said its guidance remained unchanged with operating profit in the current year expected to come in at the top end of its previously indicated range of between 77 million and 82 million euros.

The group still intends to commit up to 8 million euros ($11.13 million) to promote its brand following recent good weather.

"It would appear that margin improvement through its substantial cost reduction programme, combined with volume improvement in Ireland will be sufficient to deliver the improved performance referred to in both statements," Goodbody Stockborkers Liam Igoe said. (Editing by Greg Mahlich)