C&C Encouraged By Way In Which Trade Has Recovered; Publishes Results Of AGM
Bulmers cider manufacturer C&C Group plc has said that it is encouraged by the way in which trade has recovered in recent weeks.
In a new trading update published on its website, C&C said, "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."
C&C Chief Executive Statement
In a statement published with the trading update, C&C chief executive David Forde said, "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."
The new trading update came as C&C hosted its AGM.
In a statement about the outcome of the AGM also published on C&C's website, the group said, "C&C Group plc announces that all resolutions put to the shareholders at the annual general meeting of the company held on 1 July 2021 were passed. These resolutions are set out in the Notice of the Annual General Meeting which was posted to shareholders on 26 May 2021 and which is available on C&C's website www.candcgroupplc.com.
"The results of the poll on all resolutions will be available on the company's website.
"C&C confirms that the following resolutions (Resolutions 4, 5, 6, 7, 8, 9, 10 and 11 in the Notice of AGM), which constitute special business, were passed:
- Receipt and consideration of the Report of the Remuneration Committee on Directors' Remuneration; and receipt and consideration of the Directors' Remuneration Policy Report.
- Renewal of the director's authority to allot shares.
- Renewal of the dis-application of statutory pre-emption rights.
- Renewal of the dis-application of statutory pre-emption rights in respect of an additional 5% of the issued share capital.
- Renewal of the authority to make market purchases of the company's own shares.
- Renewal of authority to reissue ordinary shares.
- Approval of the Rules of the C&C Profit Sharing Scheme.
- Approval to amend the Rules of the C&C 2015 Long Term Incentive Plan."
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