Bulmers cider maker C&C Group today (18 September) reported a fall in first-half revenues and announced the departure of CFO Andrew Andrea.
Ahead of its final six-month results for fiscal 2026 on 28 October, the London-listed group said in a trading update its half-year revenues were down 4% on a constant-currency basis.
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In the first half of its 2024/25 financial year, C&C Group generated revenues of €861.4m ($1.1bn).
In a stock exchange filing, C&C Group 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-€42m, in line with the group’s expectations, C&C Group added.
Its underlying operating profit before exceptional items increased 29% to €40.3m in the prior six-month period.
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By GlobalDataIn a separate filing, C&C Group said Andrea, who is also the company’s chief transformation officer, has decided to step down to take up the CFO role at Domino’s Pizza Group.
A search for a new CFO at C&C Group is underway ahead of Andrea’s planned departure on 13 March.
Meanwhile, C&C Group reported 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 Group 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 Group said its premium products continue to “build distribution” in both the on- and off-trade channels.
Despite what C&C Group 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.
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 Group appointed White as its CEO in January, after searching for a replacement for six months.
