Trading performances of C&C during the first half of the year aligning as anticipated
In the ever-evolving business landscape, two major companies, C&C Group and Domino's Pizza Group, have announced significant changes.
C&C Group, a leading drinks business with brands like Tennent's and Bulmers, has reported that trading in the six months to August 2022 has been in line with expectations. Despite a challenging macroeconomic backdrop, the company plans to continue investing in the business to improve performance, support growth, and deliver for all its customers and consumers. However, the company's net revenues are 4% lower than last year due to the impact of lower distribution revenues and the exit of some lower margin business.
In a surprising turn of events, C&C's Chief Financial and Transformation Officer, Andrew Andrea, is stepping down. He will join Domino's Pizza Group as CFO, a role that will be vacated by Edward Jamieson, who is succeeding Mr. Andrea at C&C but will be leaving the company immediately. The search for a new CFO at C&C has started immediately.
Meanwhile, Domino's Pizza Group has cut its 2025 core profit forecast due to high costs and subdued customer demand. This announcement comes amidst stress for UK firms due to waning spending, persistent inflation, shifting weather, and higher prices. In response, Richard Snow, Domino's Acquisition and Integration Director, will take over Mr. Jamieson's duties in the interim period.
C&C has also announced a multi-year programme to re-invigorate the Magners brand, including a new marketing campaign and initial brand distribution gains in the off-trade. Control of Magners UK was transferred back to C&C Group in January. However, the performance of Magners in the on-trade has been affected by continued challenges, with distribution gains taking more time to be delivered.
On a positive note, C&C's core brands, Tennent's and Bulmers, delivered revenue growth in the six-month period. The company's Premium portfolio is building distribution in both the on and off-trade. C&C remains on track to achieve operating profit in line with market expectations.
These changes and updates highlight the dynamic nature of the business world, with companies continually adapting to meet the challenges and opportunities presented by the market.
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