C&C Group Releases Trading Update
Bulmers cider manufacturer the C&C Group has released a new trading update that states that the drinks firm's trading for the period stretching from March 1, 2019, to July 4, 2019, was in line with current market expectations.
Seeking Inclusion In The FTSE UK Index Series
According to the update, following the acquisition of Matthew Clark and Bibendum, a majority of the group's revenues, earnings and activities are now derived in and from the UK. Consequently, C&C is now seeking inclusion in the FTSE UK Index Series.
In order to facilitate the entry into the FTSE UK Index Series, C&C intends to apply for the cancellation of the listing and trading of C&C shares on Euronext Dublin in due course.
C&C is currently listed and traded on the premium segment of The London Stock Exchange. The trading update states that C&C will remain domiciled and tax resident in Ireland, with its registered and corporate head office located in Dublin.
C&C retains a significant manufacturing, commercial and brand presence in Ireland.
C&C's new trading update also stated that the sustainability of land and water sources is critical not only to its business, but the consumers that the group serves. In Ireland, the group's manufacturing business is carbon neutral and 40% of energy comes from renewable sources.
In Scotland, C&C is targeting carbon neutrality in manufacturing by 2025, and it has pledged to eliminate one way plastic across all markets within two years and all plastic by 2025.
C&C has invested a combined €6 million in a water treatment facility in Glasgow and aquifer protection in Clonmel, Co. Tipperary, and the group plans to invest a further €3 million in CO2 capture capability at its Wellpark brewery this year.
Aiming To "Deliver Double Digit EPS Growth In FY20"
C&C chief executive Stephen Glancey commented, "FY19 was a transformational year for the group. The acquisition and subsequent performance of Matthew Clark & Bibendum contributed to earnings growth of over 20%. Reflecting the inherent strength of the C&C business today, our objective is to again deliver double digit EPS growth in FY20. Thereafter, we will target EPS growth in a mid to high single digit range."
© 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.