Irish premium drinks company C&C Group Plc has said that one of its units had faced delays in time and costs to integrate a business management software, which is expected to have a one-off impact on the group's profit in fiscal 2024.
Chief Executive Officer David Forde To Step Down
The company also announced chief executive officer David Forde will step down after almost three years and the group's finance chief Patrick McMahon will take over, effective immediately.
Enterprise Resource Planning System
The implementation of the Enterprise Resource Planning system in the Matthew Clark and Bibendum business (MCB) was taking longer than expected, which is now expected to impact the unit's profitability, the company said in a statement.
Matthew Clark And Bibendum Acquisition
C&C acquired the Matthew Clark and Bibendum business in 2018.
One-Off Impact Associated With ERP System Distribution
The company, which manufactures and distributes branded beer, cider including Bulmers, wine, spirits and soft drinks across the UK and Ireland, expects a one-off impact of about €25 million associated with ERP system disruption in FY2024, it added.
C&C Anticipates Net Revenue Increase For FY2023
The above news follows news from earlier this year that C&C Group said that it is anticipating an increase in net revenue for its 2023 financial year.
In a trading and profit guidance update published on C&CGroupplc.com/investors/regulatory-news/ earlier this year for the financial year ended 28 February 2023, C&C said that it expects to report net revenues of approximately €1.685 billion for FY2023, which would be an year on year increase of 18%, with volumes expected to increase by 4%.
Read More: C&C Anticipates Net Revenue Increase For FY2023
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