CCR: C&C Group PLC: Interim Management Statement
UK Regulatory Announcement
Interim Management Statement
Dublin, London | 3 July 2014: C&C Group plc (“C&C” or the “Group”), a
manufacturer, marketer and distributor of branded cider, beer, wine and soft
drinks today issues an Interim Management Statement covering the period from 1
March 2014 to the date of this statement.
In Ireland and Scotland, our brand-led wholesaler model delivered a solid
performance in the first fourmonths of the year. Comparatives for the second
quarter are tougher but the business remains on track for good earnings growth
from both territories. In Scotland, the integration of Wallaces Express and
Tennent’s is now underway and should complete within this financial year.
The trading environment for cider in England and Wales is still challenging
but is now less relevant to the Group’s economics. Some progress has been made
towards stabilisation of our brands and earnings in the first four months.
In the USA, our performance for the period is weak but broadly in line with
internal expectations. Investment behind the new marketing campaign and
packaging for Woodchuck started on 1 June in the Great Lakes territory and the
new US$34m cidery is scheduled to officially open on 23 August. An update on
second quarter performance will be provided at the announcement of the Group’s
FY2015 half year results in October 2014.
Excluding the USA, volumes in other export markets were up double digits in
the first four months of the year.
Our balance sheet remains strong and there have been no significant changes in
the financial position of the Group since publication of the Annual Report for
the financial year ended 28 February 2014.
C&C believes that the fundamentals of its core markets and its position within
those markets support continued earnings growth. For the current financial
year, C&C remains on track to deliver its financial objective of mid-single
digit operating profit growth.
Note regarding forward-looking statements
This announcement includes forward-looking statements, including statements
concerning current expectations about future financial performance and
economic and market conditions which C&C believe are reasonable. However,
these statements are neither promises nor guarantees, but are subject to risks
and uncertainties, including the specific factors discussed on page 18 and 19
of the FY2014 Annual Report, that could cause actual results to differ
materially from those anticipated.
About C&C Group plc
C&C Group plc is a manufacturer, marketer and distributor of branded cider,
beer, wine and soft drinks. The Group manufactures Bulmers, the leading Irish
cider brand, Magners, the premium international cider brand, Gaymers cider and
the Shepton Mallet Cider Mill range of English ciders and the Tennent's beer
brand. C&C Group also owns Woodchuck and Hornsby’s, two of the leading craft
cider brands in the United States. The Group’s Irish wholesaling subsidiary,
Gleeson Group, owns and manufactures Tipperary Water and Finches soft drinks.
The Group also distributes a number of beer brands in Scotland, Ireland and
Northern Ireland, primarily for Anheuser-Busch Inbev, and owns Wallaces
Express, a Scottish drinks wholesaler.
C&C Group plc | Contacts
C&C Group: Colin Dingwall
Head of IR
Investors, Analysts & Media: Mark Kenny/Jonathan Neilan
Tel: +353 1 663 3686
C&C Group PLC
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