Subscribe Login
Drinks

C&C Issues Up On Financial And Operations Measures And Dividend In Light Of COVID-19 Crisis

By Dave Simpson

Bulmers cider manufacturer C&C Group plc has issued an update about its financial and operating measures, dividend policy, and financial calendar in light of the continuing COVID-19 crisis.

Financial And Operational Measures

C&C said that it has significantly reduced its capital spend, and the group expects its capital spend to be in a €7 million to €10 million range for FY21.

The group has reduced marketing and minimised discretionary spend, implemented an average 20% salary reduction across its workforce, and reduced executive leadership team and board remuneration by 30% and 40%, respectively, for an initial three month period.

Get a FREE Digital Subscription!

Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy

Approximately 70% of the group's employees have been placed on furlough.

Dividends

C&C said that, given the group's absolute focus on cash conservation and its decision to avail of government support through the crisis, its board believes that it is neither appropriate nor prudent to declare a final dividend for FY20.

The board intends to reinstate its dividend policy as and when appropriate.

Financial Calendar Update

Additionally, C&C stated that, following the guidance of the Financial Conduct Authority, the announcement of the group's full year preliminary results for the year that ended on February 29, 2020, will be deferred to June 3, 2020, and the group's AGM will now take place on July 23, 2020.

© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription
Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription