Bulmers cider maker C&C Group said in a trading update that first-half revenues are likely to be down on last year as it announced the departure of CFO Andrew Andrea.
Ahead of its final six-month results for fiscal 2026 on 28 October, the London-listed group pointed to revenues being 4% below last year’s print of €861.4m ($1.1bn).
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In a stock exchange filing today (18 September), C&C explained the expected decline is due to lower distribution revenues “following the transfer of control of AB InBev off-trade beer distribution” in Ireland, along with the “planned exit of some lower-margin business”.
Underlying operating profit is expected to be in the range of €41.5-€42.0m, in line with the group’s expectations, C&C added.
Its underlying operating profit before exceptional items increased 29% to €40.3m in the prior six-month period.
In a separate filing, C&C said Andrea, who is also the group’s chief transformation officer, has decided to step down to take up the CFO role at Domino’s Pizza Group.
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By GlobalDataA search for a new CFO at C&C is underway ahead of Andrea’s planned departure on 13 March.
Meanwhile, C&C reported that its core brands, Tennent’s and Bulmers, delivered “solid performances” in the six-month period in terms of revenue growth.
It said that after the transfer of control of Magners UK back to C&C in January, it had started activities to “re-invigorate the brand”.
The company added: “This will be a multi-year programme that has started with a new above-the-line marketing campaign and some initial brand distribution gains in the off-trade which have improved performance, offset by continued challenges in the on-trade where distribution gains will take more time to be delivered.”
C&C said its premium products continue to “build distribution” in both the on- and off-trade channels.
Despite what C&C described as a “challenging macroeconomic backdrop”, the group pledged further investment to support growth.
“Whilst the macroeconomic environment remains challenging and we have the all-important Christmas trading period ahead of us, we remain on track to achieve operating profit in line with market expectations,” the group said.
Commenting on the CFO transition, new CEO Roger White said: “Andrew joined the business during challenging times and has, through his experience and capabilities, played a significant role in the stabilisation and improvement of the business.
“Andrew will continue to be an important part of the leadership group until his planned departure early next year.”
C&C appointed White as its CEO in January, after searching for a replacement for six months.
