Bulmers cider manufacturer the C&C Group has released a new trading update revealing that trading across the group for the four months to December 31, 2018, was in line with expectations.
The group stated that operational delivery and customer service at drinks distributors Matthew Clark and Bibendum have been very strong and ahead of plan, and C&C anticipates that the distributors' combined financial contribution will be as guided at the group's half year results on October 25, 2018.
Across the rest of the group, positive trading momentum has reportedly continued into the second half, with revenues tracking mid-single digit ahead of last year. Accordingly, the C&C currently expects to deliver full-year results to February 28, 2019, that are in line with its board’s expectations.
C&C CEO Stephen Glancey commented, "Despite the current political uncertainty, the group is increasingly well-positioned going into 2019. The new management teams and colleagues at Matthew Clark and Bibendum have delivered an exceptional operating performance over the key Christmas period.
"With service levels restored, we now have stable platforms with real growth potential and unparalleled market access to the UK on trade. In Scotland and Ireland, our combination of leading brands and distribution assets is highly resilient, cash generative and delivering growth.
"With a strong balance sheet and normalised cash flow conversion of 60-70% of EBITDA. we are poised to provide enhanced shareholder returns."
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