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(Alliance News) - C&C Group PLC on Tuesday said it is mulling "other forms of capital returns" after reinstating its dividend, and the Magners and Bulmers cider maker added that it has made decent progress in resolving a resource planning system implementation issue.
C&C shares were 4.6% higher at 138.00 pence each in London on Tuesday morning, among the best FTSE 250 performers.
C&C said that for the six months to August 31, it expects to report net revenue of EUR870 million, which would be done around 1% at constant currency from a year prior.
It expects operating profit in the range of EUR29 million to EUR31 million, which would at worst be a 47% decline from the EUR54.9 million reported a year earlier. C&C back in May predicted a full-year EUR25 million hit from enterprise resource planning system disruption.
"Good progress has been made in resolving the ERP system implementation issues in the Group’s GB distribution business in line with internal expectations. On time in full delivery metrics have returned to pre-ERP implementation levels," C&C said.
"Trading in H1 for our own brands in Ireland and Scotland was encouraging, with net sales revenue for our branded business up 6% for the period. Trading at the start of H1 benefited from good weather, particularly in June, however poor weather in July and August combined with cost-of-living pressures, particularly in GB, resulted in a slowdown in the latter months of the period."
C&C, which reinstated its dividend with a 3.79 cents per share payout announced with its full-year results, said it is now evaluating "other forms of capital returns".
In addition, it said the process to appoint a new chief financial officer is ongoing.
Back in May, David Forde stepped down as chief executive, with Patrick McMahon, chief financial officer at the time, taking over the top job.
By Eric Cunha, Alliance News news editor
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