Latest news with #Bulmers
Irish Independent
5 days ago
- Business
- Irish Independent
C&C must get ‘back to basics' on brands, says CEO of Bulmers firm
Roger White, who has been in post for 132 days, said criticism that C&C's branded drinks portfolio, which also includes Tennent's lager, had been stagnant for some time 'were valid'. 'I think it is an indication that we need to love what we have got a bit more first,' he told the Sunday Independent. 'I think the criticism, as you suggested, is valid. I don't think we have done anything of any material nature to stretch the brands we have got, to develop them to bring customers and consumers anything new and exciting. 'It doesn't need to be strategically earth-shattering, just stretching Bulmers and Tennent's,' he added. 'These are brands that can carry innovation, that can carry new things into the market, that can carry limited editions. They just need a bit of 'new news'. We need to keep them fresh and at the centre of consumers' minds.' White said the UK-listed drinks group had a strong balance sheet capable of making acquisitions. However, this was not his 'primary objective' at the moment, with the current focus on improving what C&C already owns. 'I think it would be stupid of me to say that we are definitely not doing anything because we have got the financial capacity, and if the right thing comes along that creates the right amount of value for shareholders, then it is incumbent on us to fully review it,' he said about acquisitions. 'But it is not our primary focus.' White was speaking after C&C released its results for the year ended February 28. While revenue was flat at €1.66bn, pre-exceptional operating profit jumped 29pc to €77.1m, with Tennent's and Bulmers securing market share gains. The positive results come after a turbulent period for C&C. Last year, the Bulmers maker's former CEO, Patrick McMahon, stood down following accounting errors at the company. Shareholder Engine Capital also called for a sale of the business, describing it as a 'perennial underperformer'. White said C&C's results for the year were 'solid rather than outstanding' as the business looks to bounce back from previous problems. 'I think this is a bit of a recovery year,' he said. 'We are happy that we put in a solid, resilient performance across the group. It is good to see customer service levels across our business recovering, giving our customers increased levels of support. 'My focus is really on simplification, focusing on execution, getting everybody focused on their customers and trying to get hold of what are great brands and make them even better by developing them and bringing something new to customers in all our markets. Something that is valuable to them, tangible and will improve all their businesses.' Asked what the market could see C&C do with its brands, White said some examples could include enhancing its low and no-alcohol offerings and bringing 'excitement and interest both in the liquid and the packaging to bear'. Magners, the UK equivalent of Bulmers, is currently undergoing a revamp in the market. White said this would include a new marketing campaign, refreshed packaging, and improving the zero-alcohol proposition 'in the short term'. 'I don't think there is any particular rocket science,' he said. 'It is just giving the brand the love it needs. 'It is a brand with lots of equity. So consumers know the brand, they recognise it, and there is no awareness issue with it. We just need to move it back up their purchase intent. That is about getting front of mind and reminding people what is great about the brand.' C&C also owns the Five Lamps lager brand in Ireland, which has been marketed as a Dublin-brewed craft beer-style product. The craft beer industry has undergone its own challenges in recent years. How will C&C enhance the Five Lamps brand? White said there was 'work to do'. 'We need to be really clear how we are going to support and get behind some of these smaller brands like Five Lamps. I think the product is good. 'If I was brutally honest, I don't think there has been a particularly well-thought-through plan of how we are going to grow and develop some of these smaller brands.' Following last year's calls from Engine Capital for C&C to sell some of its assets, the drinks group struck a deal with the US-based activist investor that would see it appoint a new non-executive director. I've still got to fully understand how the business all works, how it all fits together White said there are no reviews about selling brands. 'As far as I'm concerned, we have got a clean slate. From my point of view, that is why I took this job. I've still got to fully understand how the business all works, how it all fits together, what we can do with our brands and how we can create value over the long term for shareholders. 'I would say I have plenty of work to do to get my head around that. But, we are focused on the basics just at the minute.' Looking to the year ahead, there appears to be some optimism around C&C, reflected in its share price jumping by over 3pc in London at one stage following its results announcement. We have had a nice few weeks of weather, which always makes you feel a little bit better White, who was the boss of Irn Bru maker AG Barr, is well-versed in leading a business through a period of transformation. He is now looking forward to working on his plan, no matter the challenges that come his way. 'We have had a nice few weeks of weather, which always makes you feel a little bit better about life,' he said. 'It has been an encouraging start to the year. But, we are still very conscious that hospitality in all geographies is tough.'
Irish Times
6 days ago
- Business
- Irish Times
How Bulmers owner's new chief plans to put the fizz back into former market darling
The first stock market outing of C&C Group's new chief executive, Roger White, in March had an all-too-familiar feel to it. Less than two months in the job, White presided over a warning in a trading update that the cider and beer maker's earnings for the year to the end of February were going to be 'modestly below' target. He also dropped the company's goal of reaching a €100 million operating profit in its 2027 financial year, saying it would be hit in the 'medium term' The overreaction by the stock market – with C&C's shares sliding almost 20 per cent in London – suggested a slump in confidence in a company that already lost almost 60 per cent its value over the previous five years amid a series of missteps, executive changes and disappointments. C&C has been buffeted over this period by Covid lockdowns and the need for a £151 million (€179.5 million) share sale; defeat in the US market as it accepted $20 million (€17.6 million) to get rid of a problem cider business that cost $305 million a decade earlier; inflation; and the botched initial implementation of a new warehousing software system at its UK wholesale unit. READ MORE Then, last June, it faced the ignominy of having to restate three years of accounts , resulting in a net charge of €5 million, after finding errors spanning inventory issues in its Bulmers facility in Clonmel to the accounting treatment of glassware. [ C&C shares plunge in March Opens in new window ] White, C&C's fifth chief executive in as many years, did not hold back this week when he unveiled its full-year results where operating profit rebounded 17 per cent to €77.1 million – about €3 million short of what the company had been guiding before the alert in March. While he said that the brand portfolio – including Bulmers, Tennents and Magners – had 'significant development and growth potential', some areas had 'been neglected'. 'Innovation has been somewhat absent and insight somewhat lacking,' White, who previously served for 22 years as chief executive of FTSE 250 drinks company AG Barr, told analysts on a call on Wednesday. 'Many of the historic issues experienced by C&C have been self-inflicted. Complex operating models, poor systems, and a lack of execution focus have dogged the business. We are determined to bring simplicity and executional focus to the business.' It is easy, of course, for a newcomer to pillory the past. Rebooting a group – which also includes a drinks supply business to hospitality sectors on both sides of the Irish Sea – that had lost its way is another thing. So, what are White's big ideas? For Tennents, Scotland's No 1 beer brand and C&C's biggest seller, he sees 'immediate opportunities' for zero- and low-alcohol versions that are being redeveloped. Its current offering has had mixed reviews. Bulmers, whose €63.5 million of sales last year was about half that of Tennents, will also be given a light makeover to 'revitalise the look and feel of the brand' – and a hard push in the 0.0 alcohol space. But White sees a big opportunity in Magners cider, a brand that carried the investment case when C&C was a market darling two decades ago. Magners is now a shadow of its heyday in the hot summer of 2006, when icy pints fuelled England fans as the three lions made it to the World Cup quarter-finals. C&C took back the sale and marketing of Magners in England and Wales in January – under chairman and caretaker chief executive Ralph Findlay – after eight years in the hands of Anheuser-Busch InBev. 'It's undoubtedly been a tough few years for the Magners brand,' said White. 'However, we now have a real opportunity to reinvigorate this brand, to bring it back to what it used to be. It's now back in our full control, both from a marketing perspective and from a sales execution perspective.' He cautioned, however, that 'the reinvigoration of Magners will take time and continued investment'. The Matthew Clark Bibendum (MCB) UK beer, wine, spirits and soft drinks distribution business – which C&C picked up at a deeply discounted price in a distressed sale in 2018 – has been through the wringer, losing customers as a result of a badly managed roll-out of a complex new warehousing software system a few years ago. White has first-hand experience of the problems, as AG Barr is a supplier to MCB. While MCB saw a recovery in customer numbers last year as it restored service levels, White says there is still work to do to improve the proposition for customers – including further technology investment. Shares in C&C have rallied by a third since the profit warning in March – including a gain of about 6 per cent posted this week alone. It leaves the stock trading broadly in line with the wider European beverages sector, relative to earnings forecasts, according to Goodbody Stockbrokers analyst Patrick Higgins. [ Solid year for C&C as drinks group remains resilient Opens in new window ] White certainly made the right noises this week. But some observers reckon investors will now hold out for delivery. Analysts, from Barclays to Shore Capital, now reckon it will be C&C's 2029 financial year before it reaches its €100 million operating profit target. Nothing added but time?
RTÉ News
28-05-2025
- Business
- RTÉ News
Operating profits at drinks group C&C fizz 28% higher
Drinks group C&C has reported higher profits and revenues for the year ended 28 February 2025 and said that current trading for the year ahead is encouraging. C&C manufactures, markets and distributes branded beer, cider, wine, spirits and soft drinks across Ireland and the UK. Its brands include Bulmers and Magners cider as well as Tennent's and Five Lamps beer. Its operating profit before exceptional items for the year jumped by 28.5% to £77.1m from £60m, while its net revenue edged up to £1.665 billion from £1.652 billion the previous year. Adjusted profits before tax for the year rose to £55.9m from £38.8m, and C&C has proposed a final dividend of 4.13 cent, up 4% on the previous year. C&C said it was seeing a "limited" tariff impact on trading and costs, adding that current trading was encouraging and it was making no change to the expected outturn for the financial year. But it noted total employment costs in the UK will grow in the coming year due to the increase in the National Minimum Wage and employer National Insurance contributions announced by the UK government in its October 2024 Budget. "The introduction of further legislative activity, such as the Extended Producer Responsibility Levy and the already introduced Deposit Return Scheme in Ireland, will cause further price inflation, as these costs and taxes are passed on to customers and consumers. "Against this backdrop, the focus on prudent management of our cost base, alongside ongoing plans to simplify the business and improve operating efficiency, combined with continued strong customer service, remain our operating priorities," it added. C&C said its Tennent's and Bulmers brands achieved market share gains during the year and maintained their market-leading positions. Its Magners brand relaunch is underway with initial Off-Trade gains, it added. Roger White, C&C's group chief executive, said the group has progressed on a number of fronts over the last year, despite the ongoing challenging macro and market backdrop. "Our two leading brands, Tennent's and Bulmers gained market share and we see future growth opportunities for both. Our Premium brand performance is encouraging, benefitting from ongoing consumer appeal for premium beer and cider which is driving growth in this segment," the CEO said. "Within Distribution, Matthew Clark Bibendum continued to deliver positive momentum, achieving consistently improved service levels, growing its customer base by 8%," he added. Mr White said that year to date trading is encouraging. "With the key summer trading period ahead, we are executing our plans for the year, supporting our customers, investing in innovation and brand-building, people, and systems, whilst continuing to simplify the business and control costs, he said. "We remain focussed on building a solid platform from which we can maximise the potential of the group. We are developing plans to grow sustainably whilst delivering on our financial targets, creating increased long-term shareholder value," he concluded.
The Irish Sun
28-05-2025
- Sport
- The Irish Sun
My friend's French-Canadian visitors took in the Munster Hurling Championship – and naturally were totally won over
FROM ice hockey to hurling, the French-Canadian Tipperary supporters' club has been formed. Last month I got a text from my old pal Michael Anderson inquiring about GAA fixtures on the weekend of May 17/18. Michael is the Father Larry Duff in my life — minus the accidents and avalanches — he's tremendous fun. There's a sense of divilment in this Aston Villa supporter that only a mix of Arranmore Island and his Scottish blood could create. Michael's wife Marie is French-Canadian and her sister Kim was visiting with her boyfriend James earlier this month. They were flying in from Montreal. Hockey country, not a hurling stronghold. Read More On GAA They knew Ireland had our own sports, but that was it. When Mike asked about the fixtures that weekend so he and his guests could take in a game, the small ball was your only man. Mike and Marie live in Slane but had been residents of Clonliffe Road, right next to Croke Park, for the best part of a decade. They were HQ regulars but it would be empty on the weekend in question. No big deal, there was plenty of action elsewhere. Most read in GAA Hurling Keen to deliver a peak Championship experience, they hit for Thurles to take in It was a big match, with the summer on the line for both teams. Were Tipp really back or would the Déise spoil the party? 'Like something out of the French Revolution' - RTE GAA pundit Donal Og Cusack slams Dublin star's reckless swipe A detour via Kilkenny whetted the appetite as fans of the Cats and Dublin gathered ahead of the But we all know Munster is the real deal, right? The visitors' car wound its way into Thurles and Mike parked up. A happy-go-lucky parking steward, with obligatory hi-vis vest, gave them a lift to hurling's temple. Bucket hats and Bulmers. Horns blaring and 99s melting over retro jerseys. Liam Cahill versus Peter Queally. Shane Long against John O'Shea. Finches versus Yop. Noel McGrath or Ken McGrath. This was it. Tom Semple's field was awash with colour as the smells of cider and burgers filled the air. Mike's visitors were stunned by the age demographic of the crowd, as young and old from both sides poured in, sat together and mingled, all in their county colours. You wouldn't see this at a Montreal Canadiens game. 1 People from all over the world end up being amazed by the skill level of hurlers Credit: Sportsfile In true Irish sporting fashion, throw-in was delayed by 10 minutes as 28,758 punters all turned up at once. The Tipp squad gathered in a huddle in front of where Mike and the gang were perched in the old stand towards the empty Town End terrace. Amhrán na bhFiann sounded as our own Babs Keating watched his beloved blue and gold team. The crowd roared, the temperatures soared and Stephen Bennett rattled the net within 11 seconds. The Déise supporters went bananas, the Tipp fans fell silent. Following the play was a challenge for the curious Canucks, but they got there. No matter who scored, the place erupted. By half-time, the hosts were leading by three and it was into the belly of the stand to escape the heat and down a cool beer. TIPP THE BALANCE Hurling's new foursome were fully on board as the Premier powered ahead to chants of 'Tipp, Tipp, Tipp'. Oisín O'Donoghue's goal sealed safe passage to the All-Ireland series, with Bennett's 1-11 haul not enough for the neighbours. Mike's gang thought the pitch invasion was hilarious, as fans young and old streamed on to the field for selfies, autographs and a chat with the players. James was hooked and ordered a Tipp jersey online as soon as he got back to the car and they pointed for Slane. You can have all the leprechauns, Guinness or cliffs you want — this is the ultimate Irish experience. The colour, the sights, the smells, the scores, the roars. It's a reminder of how unique our games are — and the French-Canadian Tipperary supporters' club are fully on board.
Irish Times
28-05-2025
- Business
- Irish Times
Solid year for C&C as drinks group remains resiliant
Drinks group C&C said earnings remained solid and profit grew as the company's business remained resilient despite the economic headwinds. In its final results for the 12 months ended February 28th 2025, the company said revenue of €1.67 billion was in line with the previous year, with growth in Matthew Clark Bibendum offset by the sale of its Irish soft drinks business and lower contract volumes and poor weather hitting the UK and Ireland cider market. Pre-tax profit was €55.9 million, up 17 per cent year on year. Adjusted earnings before interest, tax, depreciation and amortisation were €112 million, a rise of 19.5 per cent, while operating profit was 28.5 per cent higher at €77.1 million. Its Tennent's and Bulmers cider brands gained in market share, while Magners had already shown initial gains in the off-trade sector amid a relaunch. READ MORE The group, which own the Bulmers brand in Ireland, said there was strong recovery in its distribution service levels. 'The group has progressed on a number of fronts over the last year, despite the ongoing challenging macro and market backdrop ,' said C&C chief executive Roger White. 'Our two leading brands, Tennent's and Bulmers gained market share and we see future growth opportunities for both. Our premium brand performance is encouraging, benefitting from ongoing consumer appeal for premium beer and cider which is driving growth in this segment.' Looking ahead, the drinks group said the current trading was 'encouraging', with limited impact on trading and costs from the tariffs. The company is proposing a final dividend of 4.13 cent, a rise of 4 per cent on the previous fiscal year. 'Looking ahead, year to date trading is encouraging. With the key summer trading period ahead, we are executing our plans for the year, supporting our customers, investing in innovation and brand-building, people, and systems, whilst continuing to simplify the business and control costs,' Mr White said. 'We remain focused on building a solid platform from which we can maximise the potential of the group. We are developing plans to grow sustainably whilst delivering on our financial targets, creating increased long-term shareholder value.'
