Ireland-based C&C Group revealed that the 2016 Brexit vote cost the company some €8m over the financial year because of the subsequent decline in the value of Sterling. Stephen Glancey, C&C Group CEO commented: "FY 2017 has been a period of significant activity for the group. While trading remained tough, we invested in and delivered volume growth across our core brands; completed a major rationalisation of our production food print; drove efficiencies across the business; continued to grow our premium portfolio and export business; and secured an important new long-term distribution arrangement with AB InBev. After this year of consolidation, we are in materially better shape to meet the ongoing challenges and opportunities within our industry. The impact of the devaluation fo sterling following the Brexit vote had a material €8m negative impact on the Group's reported numbers. However, on a constant currency basis, the Group returned to operating profit growth in the 2H and was flat year-on-year at €95m."
