C&C Group Reports 'Encouraging' Start To 2024 Fiscal Year

By Steve Wynne-Jones
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C&C Group Reports 'Encouraging' Start To 2024 Fiscal Year

C&C Group, the maker of Tennent’s and Bulmers, has reported a 10% increase in net sales revenue in the four months to the end of June, in what the group said was an 'encouraging' start to its financial year.

In a trading update, C&C Group sales that net revenue among it core brands was up 9% in the same period, with each brand 'continuing to grow category share'.

In the statement, to coincide with the group's AGM, C&C reinstated a dividend of 3.79 cents per share for full-year 2023, subject to shareholder approval.

ERP System Implementation

It added that it is making 'progress' in resolving ERP system implementation issues in its UK distribution business, where service levels are 'steadily improving'.

C&C noted that the ERP system implementation is a 'key step in the digital transformation and optimisation' of the business.


A Positive Start

“We are pleased with the start our branded business has made in FY2024. We are also reporting progress on the resolution of the ERP system implementation issues," commented Patrick McMahon, C&C Group chief executive.

"However, the group’s performance is not at the level we planned, because of the ERP issues, and resolving them fully, including the permanent restoration of OTIF metrics, remains our immediate objective and focus."

Separately, the Ireland-based drinks group has announced the appointment of Angela Bromfield as an independent non-executive director, effective from the conclusion of the 2023 AGM. On joining the board, Angela will succeed Helen Pitcher as chair of the remuneration committee, the group said.

Read More: C&C Group Welcomes Five New Members To Wine Buying Team

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