C&C has reported an encouraging start to its 2024 financial results, building on growth achieved in its full year 2023.
Net sales revenue of our branded business increased by 10% in the four months to the end of June.
According to the company, net sales revenue of its core brands, principally Tennent’s and Bulmers were up 9% in the same period.
Enterprise Resource Planning
The drinks company announced that it is making progress in resolving the Enterprise Resource Planning (ERP) system implementation issues in the group’s Great Britain distribution business outlined in the full year 2023 Preliminary Results Announcement in May 2023, with service levels steadily improving.
Patrick McMahon, group chief executive officer, commented, “We are pleased with the start our branded business has made in FY2024. We are also reporting progress on the resolution of the ERP system implementation issues.
"However, the Group’s performance is not at the level we planned, because of the ERP issues, and resolving them fully including the permanent restoration of OTIF metrics, remains our immediate objective and focus”.
Non-Executive Director Appointment
C&C also announced the appointment of Angela Bromfield as an independent non-executive director, effective from the conclusion of today’s (13 July) 2023 AGM.
On joining the Board, Bromfield will succeed Helen Pitcher as chair of the Remuneration Committee.
Bromfield’s appointment follows a thorough search process led by the Nomination Committee, in conjunction with an independent executive search firm.
Bromfield brings 'wide business strategy, communications and marketing experience to the Board, together with significant experience as an independent Director and as Remuneration Committee Chair at several UK listed companies'.
Bromfield is currently senior independent director, chair of the Remuneration and ESG Committees and a member of the Nominations Committee of Harworth Group plc.
She is also a non-executive director, chair of the Remuneration Committee and a member of the Audit and Nominations Committees of Marshalls plc.
Bromfield has previously been a non-executive director and chair of the Remuneration Committee at Churchill China plc and Zotefoams plc.
Dividend
Ralph Findlay, executive chair, commented, “Despite the challenges relating to the ERP system implementation, the performance of our brands, the strength of the group’s balance sheet and our robust cash generating capability have enabled us to recommend a dividend to our shareholders.
"Separately, I am delighted to welcome Angela Bromfield to the board of C&C as a non-executive director and chair of the Remuneration Committee. I look forward to working with her in the years ahead.
"I also thank Helen Pitcher and Jim Thompson who step down from the board today for their support and contributions to the group.”
Separately, C&C noted that the process to recruit a new group chief financial officer continues and an update will be provided in due course.
© 2023 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more drinks news click here. Click sign up to subscribe to Checkout.
