25th Oct 2018 10:00
LONDON (Alliance News) - C&C Group PLC on Thursday reported a 15% increase in its interim profit on the back of more-than-doubled revenue as it announced a board restructuring.
For the six months ended August 31, the Irish beer and cider maker posted pretax profit of GBP52.8 million compared to GBP46 million a year prior. This was achieved on the back of a revenue increase to GBP980.7 million from GBP429.7 million a year ago.
Net revenue also jumped to GBP838.7 million from GBP292.8.
The maker of Magners, Bulmers and Orchard Pig cider lifted its interim dividend by 2.3% to 5.33 pence per share from 5.21p in the comparative year ago period.
Chief Executive Officer Stephen Glancey said: "Trading through the first six months has been strong driven by favourable summer weather and the impact of the World Cup. Encouragingly, our key brands have all delivered market share in their key markets and year on year revenue growth."
Looking ahead, the firm said it is trading in line with management expectations ahead of the key Christmas period.
With regards to Brexit, Dublin-based C&C said it has plans in place to manage various scenarios and does not "anticipate material customer or financial disruption".
C&C also announced Thursday that Senior Non-Executive Director Richard Holroyd will step down and leave the board in the new year. Geoffrey Hemphill, a non-executive director, also will stand down from the board to focus on other business interests.
The company's new chairman, Stewart Gilliland, undertook a review of the board composition which concluded with the decision that the International division will no longer be represented at a board level.
Accordingly, Executive Director Joris Brams will stand down from the board. The company has commenced the search for further non-executive directors with "the appropriate skills and experience".
C&C shares were trading down 0.1% at EUR3.41 each.
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