C&C GROUP PLC: Pre-close Trading Statement
23 Marzo 2023 - 1:00AM
UK Regulatory
TIDMCCR
C&C Group plc ('C&C' or the 'Group'), a leading,
vertically integrated premium drinks company which manufactures,
markets and distributes branded beer, cider, wine, spirits and soft
drinks across the UK and Ireland, provides an update on recent
trading and profit guidance for the financial year ended 28
February, 2023 ('FY2023').
C&C expects to report net revenues of approximately
EUR1,685m(i) in FY2023, an increase of 18% on FY2022(ii) , with
volumes expected to be +4%(i) . The Group expects to report a
FY2023 operating profit of EUR84m(i)(iii) for the period compared
to a reported operating profit of EUR48m(iii) in FY2022. This
outcome reflects a number of factors, including the previously
noted softer than expected Christmas trading and the impact of the
various strikes in the UK. In February, the Group commenced a
significant technology project in our GB operations, a key step in
the digital transformation and optimisation of the business. The
implementation phase of the project is taking longer than
originally envisaged, with some consequent impact on service and
profitability, however, encouragingly service levels have largely
returned to normal levels.
Despite a challenging trading backdrop, we are pleased with the
performance of our core brands, Bulmers and Tennent's, which in the
latest MAT volume data(iv) are both continuing to grow category
share.
C&C's balance sheet strength and robust cash generating
capabilities are reflected in a significant reduction in net
debt(v)(vi) to approximately EUR150m and a leverage multiple of
1.3x, compared with EUR271m and 3.4x at the end of FY2022. Given
the strength of the balance sheet and cash flow generation, C&C
intends to recommence dividend payments following the announcement
of its FY2023 results and will evaluate the potential for further
capital returns to shareholders in due course.
C&C will announce FY2023 full year results on Wednesday 24
May 2023, and will provide a full update on its progress on
strategic objectives at that point.
(i) Unaudited financials.
(ii) On a constant currency basis.
(iii) Before exceptional items.
(iv) Bulmers: Nielsen Off-Trade 29.01.23; CGA On-Trade 31.01.23.
Tennent's: IRI Total Scotland Last 52 wks to 23.01.23; CGA On-Trade
data to 28.01.23.
(v) Net debt, including the impact of IFRS 16, comprises borrowings
(net of issue costs), lease liabilities capitalised less cash.
(vi) At reported balance sheet date.
ENDS
Contacts
C&C Group plc
Patrick McMahon, Chief Financial Officer
Ewan Robertson, Finance and Investor Relations Director
Email: ewan.robertson@candcgroup.com
Riona Heffernan, Group Finance Director
Email: riona.heffernan@candcgroup.com
UK & International Media
Richard Hayhoe
Email: richard.hayhoe@candcgroup.com
Investors, Analysts & Irish Media
FTI Consulting
Jonathan Neilan / Paddy Berkery / Aline Oliveira
Tel: +353 86 231 4135 / +353 86 6025988 / +353 83 8331644
Email: CandCGroup@fticonsulting.com
About C&C Group plc
C&C Group plc is a leading, vertically integrated premium
drinks company which manufactures, markets and distributes branded
beer, cider, wine, spirits, and soft drinks across the UK and
Ireland.
-- C&C Group's portfolio of owned/exclusive brands include: Bulmers, the
leading Irish cider brand; Tennent's, the leading Scottish beer brand;
Magners the premium international cider brand; as well as a range of
fast-growing, premium and craft ciders and beers, such as Heverlee,
Menabrea, Five Lamps and Orchard Pig. C&C exports its Magners and
Tennent's brands to over 40 countries worldwide.
-- C&C Group has owned brand and contract manufacturing/packing operations
in Co.Tipperary, Ireland and Glasgow, Scotland.
-- C&C is the No.1 drinks distributor to the UK and Ireland hospitality
sectors. Operating through the Matthew Clark, Bibendum, Tennent's and
Bulmers Ireland brands, the Group has a market leading range, scale and
reach including an intimate understanding of the markets it serves.
Together this provides a key route-to-market for major international
beverage companies.
C&C Group is a FTSE 250 company headquartered in Dublin and
is listed on the London Stock Exchange.
Note regarding forward-looking statements
This announcement includes forward-looking statements, including
statements concerning current expectations about future financial
performance and economic and market conditions which C&C
believes are reasonable. However, these statements are neither
promises nor guarantees, but are subject to risks and
uncertainties, including those factors discussed in our FY2022
Annual Report that could cause actual results to differ materially
from those anticipated.
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CONTACT:
C&C Group PLC
SOURCE: C&C Group PLC
Copyright Business Wire 2023
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March 23, 2023 03:00 ET (07:00 GMT)
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