Core Insights - C&C Group reported a 4% decline in first-half revenues on a constant-currency basis, generating €861.4 million ($1.1 billion) in the first half of the 2024/25 financial year [1][2] - The expected revenue decline is attributed to lower distribution revenues following the transfer of control of AB InBev off-trade beer distribution in Ireland and the planned exit from some lower-margin businesses [2] - Underlying operating profit is projected to be between €41.5 million and €42 million, consistent with the group's expectations, while the prior six-month period saw a 29% increase in underlying operating profit before exceptional items to €40.3 million [2] Management Changes - CFO Andrew Andrea, who is also the chief transformation officer, will step down to take the CFO role at Domino's Pizza Group, with a search for a new CFO currently underway [3] Brand Performance - C&C Group's core brands, Tennent's and Bulmers, showed solid revenue growth during the six-month period [3] - Following the transfer of control of Magners UK back to C&C Group, the company has initiated a multi-year program to reinvigorate the brand, starting with a new marketing campaign and initial distribution gains in the off-trade [4] Investment and Outlook - Despite a challenging macroeconomic environment, C&C Group is committed to further investments to support growth and remains on track to achieve operating profit in line with market expectations [5]

Group 1: Trading Performance - C&C reported that trading for the six months ending in August is in line with expectations, with net revenues 4% below last year due to lower distribution revenues and planned exit from lower margin business [1] - Core brands Tennent's and Bulmers showed solid performance with revenue growth during the same period [2] Group 2: Brand Strategy - Following the transfer of control of Magners UK back to C&C in January, the company initiated a multi-year program to reinvigorate the brand, starting with a new marketing campaign and initial distribution gains [3] - The premium portfolio continues to build distribution in both on and off trade channels [3] Group 3: Future Outlook - C&C plans to continue investing in the business despite a challenging macroeconomic environment, aiming to achieve operating profit in line with market expectations [4] Group 4: Leadership Changes - Andrew Andrea, Chief Financial and Transformation Officer, will step down to become CFO at Domino's Pizza Group, with a search for a new CFO starting immediately [5] - The leadership change at Domino's comes amid challenges for UK firms facing inflation and changing consumer behavior [6][7]