London, UK - C&C Group, a well-known alcoholic-drink maker, has projected a slight decrease in revenue for the first half of fiscal 2024. The company attributes this decline to unfavorable weather conditions in July and August, along with the rising cost of living in the United Kingdom.
The popular brands under the C&C Group umbrella, including Magners and Bulmers ciders, as well as Tennent's lager, have contributed to its success in the past. However, the company now anticipates revenue of approximately £870 million ($1.08 billion) for the six-month period ending on August 31st. This represents a 1% decrease compared to the corresponding period last year.
Both poor weather conditions during the summer months and higher living costs in the UK have impacted the company's revenue during this period.
C&C Group also provided an insight into its operating profit expectations. It predicts a range between £29 million and £31 million for the first half of fiscal 2024. These figures incorporate most of the profit impact resulting from system implementation challenges within its distribution business, which were previously reported in May.
The company emphasized that significant progress has been made in addressing these challenges to ensure smooth operations moving forward.
Looking ahead, Chief Executive Patrick McMahon stated that delivering exceptional service, attracting lost customers, streamlining operations, and improving efficiency remain high priorities for the second half of the year.
Furthermore, C&C Group is actively searching for a new Chief Financial Officer. The company plans to provide updates on the progress of this search in due course.
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