FDBusiness.com

Interim Profits and Sales Fall at C&C Group

 Breaking News
  • Ready Meals – Not Ready For the Future New research (1) published by Eating Better, a powerful alliance of more than 50 organisations, shows that supermarkets need to shake up their ready meal ranges. They are not catering for the growing number of flexitarian customers who are cutting back on their meat eating for their health and the health of the planet (2). [...]...
  • Top 100 Largest Spirits Brands Revealed The world’s most popular alcoholic drink in 2017 was the South Korean soju brand Jinro, owned by Hite-Jinro, according to the IWSR Real 100, the definitive ranking of the world’s largest spirits brands by volume. Selling almost 76m nine-litre cases, Jinro retains its number one position from last year, and once again by a staggering [...]...
  • Ireland’s Most Sustainable Paper-free Cup Launched Ireland’s only completely paper-free compostable cup has been launched by Zeus, the Irish global packaging solutions company. Unlike other compostable cups, the Treefree Cup contains absolutely no paper product, making it the most sustainable single-use cup available in the Irish market. Additionally, to tackle the composting waste problem in Ireland, the cups and lids will be [...]...
  • GEA Supplies Largest Buttermaking Machine in India GEA recently sold its first buttermaking machine type BUE to an Indian dairy producer. Creamy Foods Limited, located in the state Uttar-Pradesh, placed an order for a GEA BUE 6000, which has a capacity of up to 6000kg/h butter, making it the largest buttermaking machine in India. The new machine will be brought into operation in [...]...
  • Clearance For Arla Foods UK and Yeo Valley Deal The British Competition and Markets Authority (CMA) has cleared Arla Foods UK’s proposed acquisition of Yeo Valley Dairies, a subsidiary of the Yeo Valley Group. The transaction will give the farmer-owned dairy co-operative the rights to use the Yeo Valley brand in milk, butter, spreads and cheese under an intellectual property licence with Yeo Valley. The [...]...

Interim Profits and Sales Fall at C&C Group

Interim Profits and Sales Fall at C&C Group
November 03
09:34 2015

C&C Group, the Irish and UK manufacturer and distributor of branded cider, beer, wine and soft drinks, has reported a 2.6% fall in net revenue to €358.6 million, with operating profit dropping 9.5% to €62.6 million for the six months ended 31 August 2015. The operating profit decline reflects a challenging period in the group’s core markets of Ireland and Scotland and these headwinds are expected to adversely impact profitability by €10 million in the financial year. However, C&C Group has identified significant growth opportunities for its export business as it expands in new markets.

The group manufactures Bulmers, the leading Irish cider brand, Magners, the premium international cider brand, the C&C Brands range of English ciders and the Tennent’s beer brand. C&C Group also owns and manufacturers Woodchuck and Hornsby’s, two of the leading craft cider brands in the United States. The Group’s Irish wholesaling subsidiary, Gleeson Group, owns and manufactures Tipperary Water and Finches soft drinks. The group also distributes a number of beer brands in Scotland, Ireland and Northern Ireland, primarily for Anheuser-Busch InBev and owns Wallaces Express a Scottish drinks wholesaler.

Stephen Glancey, chief executive of C&C Group.

Stephen Glancey, chief executive of C&C Group.

The drinks group has commenced a new cost saving programme to deliver €15 million in annualised savings. C&C Group has also launched share buy-back programme to repurchase up to €100 million of its shares by July 2016

Stephen Glancey, chief executive of C&C Group, comments: “Over the last six months there has been a lot of M&A activity in our sector with valuations reflecting both availability of liquidity and asset scarcity. We believe that the landscape will continue to evolve in the next twelve months. We have and will continue to review acquisition opportunities to optimise value for shareholders but only if they deliver superior and sustainable long term returns which are in keeping with our return parameters.”

He continues: “Looking ahead, we expect improved operational performance in Ireland and Scotland as we move through the second half and into FY’17 underpinned by ongoing cost saving initiatives, sustained investment behind our brands and increased emphasis on niche and premium. We are assuming that market conditions will continue to be testing particularly in our core markets in the coming months but we are confident that we are taking the right actions to build durable, long-term value for all shareholders and this is reflected in a 5.1% increase in our interim dividend.”

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 5, 2018Int'l Food Products and Processing Technologies Exhibition (WorldFood Istanbul)
  • September 15, 2018iba
  • September 25, 2018PPMA Show 2018
  • September 27, 2018Int'l Fruit Show (eurofruit)
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements