Last checked at 1 Jul 2021 07:00
AGM Trading Update
Dublin, London | 1 July 2021: 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, today issues a trading update ahead of its Annual General Meeting (AGM) to be held later today.
While still in the early stage of reopening in our core markets, we have been encouraged by the way in which trade has recovered in the UK since the gradual reopening from April 2021 and in Ireland from 7 June 2021 as outdoor hospitality reopened. However, restrictions in both markets remain, with the timing and nature of further easing still uncertain. The full reopening of hospitality in the UK was recently delayed by four weeks and is now anticipated over July and August 2021, whilst the reopening of indoor hospitality in Ireland has also recently been delayed, with a revised date yet to be announced.
In the week ending Sunday 27 June 2021, C&C is pleased to have delivered to 82% of the outlets in the comparative week in 2019. Given social distancing and indoor restrictions remain in place, volume throughput is adversely impacted through the customers that are currently operating. Nevertheless, we are encouraged by trading in recent weeks, with good weather aiding outdoor trading over the period.
Following the progressive easing of restrictions since April and the partial recovery in the on-trade, C&C recorded a modest trading profit in May, with this improving further in June.
David Forde, Chief Executive of C&C Group, commented: "Despite restrictions still in place and confirmed delays to full reopening, we remain cautiously optimistic about the gradual recovery of the hospitality sector in our core markets of the UK and Ireland, and we look forward to continuing to support our customers as restrictions are removed. As we navigate through this period, our focus is to continue to build and develop our brand and system strength, which underpins C&C’s position as the leading brand-led distributor in the UK and Irish drinks market. Our recent successful capital raise has strengthened the balance sheet and positions the Group to take advantage of opportunities to strengthen and grow our business as we return to a more normalised trading environment.”
ENDS
Contacts
C&C Group plcPatrick McMahon, Chief Financial OfficerEwan Robertson, Finance and Investor Relations DirectorEmail: ewan.robertson@candcgroup.com
FTI ConsultingJonathan Neilan / Paddy BerkeryTel: +353 86 231 4135 / +353 86 602 5988Email: CandCGroup@fticonsulting.com
Novella CommunicationsTim RobertsonTel: +44 203 151 7008Email: TimR@novella-comms.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, super-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 under the Matthew Clark, Bibendum, Tennent’s and Bulmers Ireland brands, the Group supplies over 35,000 pubs, bars, restaurants and hotels, and is a key route-to-market for major international beverage companies.
• C&C Group also has a minority investment in the Admiral Taverns tenanted pub group, which owns approximately 1,000 pubs across England & Wales.
C&C Group is a FTSE 250 company headquartered in Dublin and is listed on the London Stock Exchange.
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