Drinks manufacturer the C&C Group has released a new trading update which states that its earnings before interest and tax (EBIT) for the 12-month period that ended on February 28, 2019, are expected to be towards the upper end of current market estimates while full year adjusted earnings per share (EPS) growth is expected to be approximately 20%.
Matthew Clark and Bibendum
The update states that operational delivery, customer service and the underlying cash contribution of both Matthew Clark and Bibendum in the second half of the period have continued to improve, and, consequently, the group's year-end net debt is now expected to be well below current market estimates, within a range of €305 million to €312 million.
C&C said that Matthew Clark and Bibendum have significant underlying momentum across key financial and performance measures, and good progress is being made on the identification of synergy benefits.
Scottish And Irish Businesses
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Meanwhile, the group stated that positive trading momentum continued in its Scottish and Irish and branded businesses during the twelve months, and C&C anticipates that the sponsorship of next week’s Cheltenham Gold Cup by Irish cider brands Magners and Bulmers will build on this momentum.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.