Last checked at 7 Mar 2019 07:00
C&C Group Plc(“C&C” or the “Group”)
Period end trading update for the 12 months ended 28 February 2019
Dublin, London | 7 March, 2019: Following from its trading update of 10 January, 2019, C&C today reports that Group EBIT, for the 12-month period to 28 February, 2019 (‘FY19’), is now expected to be towards the upper end of current market estimates and full year adjusted EPS growth is anticipated to be c.20%.
Operational delivery, customer service and the underlying cash contribution of both Matthew Clark and Bibendum in the second half have continued to improve. Consequently, Group year-end net debt is now expected to be well below current market estimates, within a range of €305m - €312m.
Matthew Clark and Bibendum have significant underlying momentum, across key financial and performance measures, with good progress made on the identification of synergy benefits. In our Scottish and Irish and branded businesses, positive trading momentum continued. The sponsorship of next week’s Cheltenham Gold Cup by our Irish cider brands, Magners and Bulmers will build on this momentum and demonstrates the ambition we have for these brands.
C&C will host a capital markets day with the announcement of its FY19 results on 22 May, 2019, at which the Group will provide its medium-term outlook together with the underlying assumptions.
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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