By Christian Moess Laursen
C&C Group said it expects revenue to fall slightly in the first half of fiscal 2024, partly on poor weather in July and August as well as higher costs of living in the U.K.
The London-listed alcoholic-drink maker–whose brands include ciders Magners and Bulmers and lager Tennent’s–said Tuesday it sees revenue around 870 million pounds ($1.08 billion) in the half-year ended Aug. 31, a 1% dip from revenue in the prior-year’s similar period.
Poor weather in July and August and higher costs of living in the U.K. hit revenue, it said.
Operating profit is expected to be in the range of GBP29 million to GBP31 million, and includes the majority of the one-off profit impact relating to system implementation challenges in its distribution business, as reported in May.
The company said good progress is being made on resolving the issues.
“Delivering outstanding service, winning back customers, continued business simplification and improved operating efficiency remain our top priorities and focus for the second half,” Chief Executive Patrick McMahon said.
The company also said the search for a new chief financial officer is continuing, and an update will be given in due course.
Write to Christian Moess Laursen at christian.moess@wsj.com
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