Wednesday 17 January 2018

C&C announces management changes as profits grow reporters

DRINKS firm C&C has announced that chief executive John Dunsmore will stop down at the end of the year.

Announcing half year results, the Tipperary-based company added that Mr Dunsmore will be replaced by Stephen Glancey, C&C’s chief operating officer and finance director.

Kenny Neison will become the company’s new finance director with further senior management announcements also on the horizon.

In the first six months to the end of August, C&C reported pre-tax profits, before exceptionals, of €64.8m – up from €58.7m

Revenues for the half year fell from €440m to €399.3m while operating profits were up by just under 8pc to €67.9m.

A dividend increase of 11pc to 16.5c was also announced.

''C&C is pleased to report a robust financial performance despite a tough second quarter for the trade in both the UK and Ireland where poor weather added to the challenge presented by lower consumer confidence levels,'' said outgoing chief executive John Dunsmore.

However, he warned that Ireland remains a challenging market with the growth in the off-licence trade and promotional pricing continuing to put pressure sales.

Despite this, the distribution build for its Tennents and Becks Vier beer brands is gaining tractions and there has been growth in beer volumes and revenues ahead of the general trend.

In the British market, C&C said the performance of its Magners cider brand was robust despite increased competition.

In volume terns, the brand grew by 2.9% in the six month period.

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