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