C&C CFO departs for Domino's; Sees FY in line despite tough market

(Sharecast News) - C&C Group said chief financial officer Andrew Andrea was leaving to take up the same role at Domino's Pizza. The Bulmers cider maker added that Andrea would stay in post until the current financial year is completed.

In a separate trading update, C&C held full-year earnings guidance, despite a challenging macroeconomic environment. Underlying operating profit for the six months to August 31 is expected to be in the range of €41.5m - €42.0m - also in line with forecasts.

Net revenues for the period were 4% below last year, reflecting the impact of lower distribution revenues following the previously disclosed transfer of control of AB InBev Off Trade Beer distribution in the Republic of Ireland and the planned exit of some lower margin business in the period, C&C said.

Meanwhile, sales at Matthew Clark Bibendum were slightly below last year, reflecting lower volumes in national customers in line with market trends, "especially within the wines and spirits categories".

Reporting by Frank Prenesti for Sharecast.com