Last checked at 10 Jan 2019 07:00
Trading Update
Dublin, London | 10 January, 2019: C&C Group plc (“C&C” or the “Group”), a leading brand-owner, manufacturer and distributor of cider, beer, wines, spirits and soft drinks, today reports that trading across the Group for the four months to 31 December 2018 has been in line with expectations, including through the key Christmas trading period.
Operational delivery and customer service at both Matthew Clark and Bibendum have been very strong and ahead of plan. We therefore anticipate that their combined financial contribution will be as guided at our half year results on 25 October 2018.
Across the rest of the Group, positive trading momentum has continued into the second half, with revenues tracking mid-single digit ahead of last year.
Accordingly, the Group currently expects to deliver full-year results to 28 February 2019 in line with the Board’s expectations.
Stephen Glancey, CEO, commented:
“Despite the current political uncertainty the Group is increasingly well positioned going into 2019. The new management teams and colleagues at Matthew Clark and Bibendum, have delivered an exceptional operating performance over the key Christmas period. With service levels restored, we now have stable platforms with real growth potential and unparalleled market access to the U.K. on trade. In Scotland and Ireland our combination of leading brands and distribution assets is highly resilient, cash generative and delivering growth. With a strong balance sheet and normalised cash flow conversion of 60-70% of EBITDA we are poised to provide enhanced shareholder returns.”
ENDS
Contacts
C&C Group plcStephen Glancey | Group Chief ExecutiveJonathan Solesbury | Chief Financial OfficerJoe Thompson | Head of Investor RelationsTel: +44 7980 844 580Email: Joe.Thompson@candcgroup.com
FTI ConsultingJonathan Neilan/Paddy BerkeryTel: +353 1 765 0884Email: CandCGroup@fticonsulting.com
Novella CommunicationsTim Robertson/Toby AndrewsTel: +44 203 151 7008Email: TimR@novella-comms.com
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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 and Orchard Pig. C&C Group has owned brand and contract manufacturing/packing operations in Co.Tipperary, Ireland; Glasgow, Scotland; and Vermont, US, where it manufactures Woodchuck, a leading craft cider brand in the United States. C&C is the No.#1 drinks distributor to the UK and Ireland hospitality sectors. Operating under the Matthew Clark, Bibendum, Tennent's and C&C Gleeson 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 over 800 pubs across England & Wales and exports its Magners and Tennent’s brands to over 60 countries worldwide.C&C Group is headquartered in Dublin and is listed on the Irish and London Stock Exchanges.
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 on page 16 of our Interim results for the six months ended 31 August 2018, that could cause actual results to differ materially from those anticipated.
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