Bulmers cider manufacturer C&C Group plc has published a trading update for the period from 1 March 2022 to 30 June 2022.
According to the trading update, which was published on CAndCGroupplc.com/news/, C&C net revenues are 6% ahead of pre-COVID-19 pandemic levels for the four months to 30 June 2022; net debt to adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) at 30 June 2022 fell to approximately 2.4x, which represents an improvement from the 3.4x reported at 28 February of this year; and the group is on track to exit its waiver period in H2 FY2023, achieve its leverage ratio target of less than 2.0x and, provided that current trading conditions continue, return capital to shareholders in due course.
The trading update came as C&C held its AGM, at the conclusion of which, after four years as chair of C&C Group and 10 years on the board, Stewart Gilliland was succeeded by Ralph Findlay, according to the trading update published on CAndCGroupplc.com/news/, which also included a statement from Findlay, that said, "I would like thank Stewart for his commitment and stewardship of C&C, during which time the group has transformed into the leading final-mile distributor to the on-trade in the UK and Ireland, while navigating the business through the most challenging period in our industry's history. The group has iconic brands, a leading distribution network and a strong capital structure to sustain its future growth ambitions. I look forward to playing a role in driving the future success of the business for all our stakeholders including customers, consumers, employees and shareholders."
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According to a separate subsequent statement published on CAndCGroupplc.com/news/,all resolutions put to the shareholders at the AGM, which was held on Thursday 7 July, were passed, and these resolutions are set out in the notice of the AGM, which was posted to shareholders on 8 June of this year and is available on CAndCGroupplc.com.
© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.