FDBusiness.com

Interim Profits and Sales Fall at C&C Group

 Breaking News
  • Vion Names New CEO Vion, the international meat group, has appointed Ronald Lotgerink as its new CEO with effect from 1 September. Ronald Lotgerink is currently the CEO of Zwanenberg Food Group, a leading European producer and exporter of meat products, canned meat, snacks, soups and sauces. Ronald Lotgerink started his career at KPMG. In 1989 he joined Zwanenberg Food [...]...
  • Harrogate Water Reports Record Sales Harrogate Water has announced another year of record sales with growth of 24 per cent – almost four times higher than market growth for bottled water. The company has seen increased sales in the high-volume supermarket sector, continued strong growth in export and travel markets and greater demand for premium glass products in both grocery [...]...
  • Alcohol Worth £16 Billion is UK’s Leading FMCG Category Innovation in the drinks sector and a reduction in the amount of trade promotions has seen Alcohol retain its place as the top selling FMCG category in the UK, worth £16.1 billion (€18.2 billion) in value sales to the economy. This is according to big data and technology expert for consumer industries, IRI’s Top Categories Special Report – an analysis [...]...
  • Irish Grocery Market Fends Off the Beast from the East The latest grocery market share figures from Kantar Worldpanel, published today for the 12 weeks ending 25 March 2018, show that the Irish grocery market brushed off the Beast from the East to post strong sales growth of 3.8%. Douglas Faughnan, consumer insight director at Kantar Worldpanel, comments: “Although shoppers had upped their spend in preparation for [...]...
  • TrayTrack – A Unique Inline Overhead Concept For Optimum Tray Logistics Once trays have been filled with product, poultry processors will often be faced with how to transport them to packaging equipment elsewhere in the plant. This job can be done manually using crates. Alternatively, product can be transported on a complex system of belt conveyors, usually criss-crossing other similar systems. TrayTrack, a unique automated solution [...]...

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

  • April 18, 2018Int'l Food Exhibition (IFFIP)
  • April 19, 2018GastroPan Exhibition
  • April 19, 2018Expo Drink & Wine
  • April 22, 2018Natural & Organic Products 
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements