C&C six month results show revenue down 1% on last year
C&C expects to deliver net revenue of approximately €870m
C&C has issued a trading statement for the six-month period 1 March 2023 to 31 August 2023 (H1). In the six months to 31 August 2023, C&C expects to deliver net revenue of circa €870m, which is down approximately 1% on the comparable prior year period.
Operating profit for H1 is expected to be in the range of €29 to €31m and includes the significant majority of the one-off profit impact associated with Enterprise Resource Planning (ERP) system implementation disruption in the Group’s GB distribution business, previously communicated back in May this year.
In line with internal expectations, progress was made in resolving the ERP system implementation issues in the Group’s GB distribution business. On Time in Full (OTIF) delivery metrics have returned to pre-ERP implementation levels.
Net sales revenue for branded business was up approximately 6% for the period. Trading at the start of H1 benefited from good weather, however poor weather in July and August combined with cost-of-living pressures, resulted in a slowdown in the latter months of the period.
The Group’s process to recruit a new chief financial officer is ongoing, in conjunction with an independent executive search firm and an update will be provided in due course.
C&C will announce H1 results on Thursday, 26 October 2023.
Patrick McMahon, chief executive officer, Group C&C said: “Set against a difficult market backdrop, we are pleased with the strength of the performance of our branded businesses in Ireland and Scotland in the period. We are particularly pleased with the progress we have made in restoring customer service levels following the ERP system implementation issues in our GB distribution business within our planned time frame. Delivering outstanding service, winning back customers, continued business simplification and improved operating efficiency remain our top priorities and focus for the second half.”
