<\/p>\n
Roger White: solid first half<\/p>\n
Tennent\u2019s outperformed the Scottish lager market during the summer months, though revenue rose on the back of higher prices which offset lower volumes.<\/p>\n
Parent group C&C benefited from the hot summer the World Cup which drove a 4% rise in half-year operating profit to \u20ac43.4 million.<\/p>\n
Stout remained one of the strongest-performing categories, supported by strong growth among younger adult consumers. The company said this reinforces the opportunity for Tennent\u2019s Stout which launched after the period end.<\/p>\n
Tennent\u2019s gained share in the Scottish on-trade. Net revenue increased, with pricing offsetting overall market-driven lower volumes. Tennent\u2019s Bavarian Pilsner was launched last year and Tennent\u2019s Tops earlier this year, attracting new consumers.<\/p>\n
The brand and associated intellectual property of Scottish business Innis & Gunn was acquired in March and has been integrated into the group, further broadening C&C\u2019s premium portfolio. The full integration of Matthew Clark and Bibendum has been completed in the period, to create MCB.<\/p>\n
C&C\u2019s acquisition of Asahi UK\u2019s wholesale interests was completed this month, following the period end. Customer and supplier onboarding into MCB is under way.<\/p>\n
Figures for the six months to 31 August show an operating margin improvement of 40 basis points to 5.5%, despite a 3% decrease in net revenue on a constant currency basis. Distribution revenue declined 4% due to the planned exit of lower-margin business. <\/p>\n
The Dublin-based company declared an interim dividend of 2 cents per share.<\/p>\n
At the Capital Markets Day last month the group set out how it is transitioning to operate as two business units: C&C Brands and MCB. The medium-term priorities comprise volume growth in C&C Brands and margin expansion in MCB, alongside strong cash generation and disciplined capital allocation. The group is targeting operating profit of \u20ac85m in FY2030.<\/p>\n
Roger White, chief executive, said: \u201cWe have delivered a solid first-half financial performance, reinforcing our actions to build resilience in our business.<\/p>\n
\u201cWe outlined our key areas of strategic focus at our recent Capital Markets Day, and I am pleased to report that we are seeing early signs of improved momentum across the business.<\/p>\n
\u201cThe general economic environment remains volatile, and we have the important festive trading period yet to deliver. <\/p>\n
\u201cHowever, we have strong trading plans in place for the balance of the year alongside a number of brand initiatives and the delivery of our developing innovation agenda, all of which give us confidence in our ability to meet market expectations for the full-year.\u201d<\/p>\n
Daily Business Bulletin:\u00a0Subscribe here for our free morning bulletin of breaking news<\/p>\n
\t #Tennents #revenue #driven #pricing #volumes #dip #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
Roger White: solid first half Tennent\u2019s outperformed the Scottish lager market during the summer months,…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[272,337,306,1080,11562,339,4031,767,340,341,9698],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/19210"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19210"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/19210\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}