C&C chief executive steps down

19th Oct 2011 08:07

Irish cider maker C&C's chief executive John Dunsmore is to step down after steering the company through a tough three years.C&C's Magners and Bulmers cider brands enjoyed phenomenal marketing success in the earlier part of this century, but ran into tough times when economic conditions worsened, particularly in Ireland.During Dunsmore's three year tenure, C&C diversified with the acquisition and integration of the Scottish lager Tennent's and the cider Gaymers.Dunsmore will be replaced by chief operating officer Stephen Glancey."It has been a period of intense activity and progress and I have decided that, with the strategic course of the business established, this is the right time for me to hand over the baton to Stephen Glancey," said chief executive John Dunsmore. "I am confident that, with his leadership, C&C will continue to make excellent progress. I will continue to support C&C as an investor." C&C also issued its half year numbers. Operating profit was up by 7.8% from the same period the previous year at €67.4m on net revenue that fell to €399.3m from €440m.Growth in Britain helped lift Magners revenues, but Bulmers sales were down "in an Irish market that remains challenging."Dunsmore said: "C&C is pleased to report a robust financial performance despite a tough second quarter for the trade in both the UK and Ireland where poor weather added to the challenge presented by low consumer confidence levels."