CCR C&c Group Plc

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230323005186/en/

 
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    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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