AGM Trading
Update and Directorate Change
Feargal
O'Rourke appointed as an independent, Non-Executive
Director
Dublin, London, 15 August 2024: C&C Group plc ('C&C' or the 'Group') provides the
following trading update ahead of the Group's Annual General
Meeting ("AGM"), which will be held later today. C&C also
announces the appointment of Mr Feargal O'Rourke as an independent,
Non-Executive Director with effect from the conclusion of today's
AGM.
Trading Update
Group earnings have been in line with
expectations in the financial year-to-date, despite the
well-documented poor weather in June, more detail of which will be
provided in our FY2025 Half Year Trading Update on 9 September
2024. We remain confident of achieving our earnings expectations
for the full year, reflecting significant growth relative to
FY2024, and reaffirm our commitment to recommence our second €15m
tranche of our share buyback programme from 1 September.
The Group previously communicated its
intention to deliver at least €150m to shareholders over the next
three years ending in February 2025, 2026, and 2027 through an
appropriate mix of share buybacks, dividends and special dividends
depending on prevailing circumstances. C&C commenced a €15m
share buyback programme on 1 March 2024 which has been completed.
The Group will commence the second tranche shortly. Subject to
shareholder approval today, the Directors have also proposed a
final dividend of 3.97 cent per share. An interim dividend of 1.89
cent per share was paid in December, making a full year dividend of
5.86 cent per share.
Directorate Change
Mr Feargal O'Rourke will join the
Board as an independent, Non-Executive Director with effect from
the conclusion of today's AGM. Upon his appointment, Mr O'Rourke
will also become a member of the Audit Committee. The appointment
of Mr O'Rourke follows a rigorous process to recruit a new
Non-Executive Director led by the Nomination Committee with the
support of an independent executive search firm.
The Board is reviewing the
composition of its committees and will announce an update to
committee membership in due course.
Ralph Findlay, C&C Group Chair & CEO,
commented: "Feargal brings valuable expertise to C&C
having advised companies on a broad range of corporate, financial
and taxation considerations over a long and esteemed career in PwC.
We look forward to the contribution he will make to the C&C
Board in the period ahead as we pursue our strategic, financial and
ESG ambitions."
Feargal O'Rourke, added: "With
its iconic brands and leading distribution platform, I am delighted
to join C&C and support the Board deliver its ambitious medium
and long-term targets."
The appointment of Mr O'Rourke is
part of the Board's ongoing programme of refreshment and renewal.
The process pre-dates recent engagement with Engine Capital and
does not impact the recently announced agreement to appoint a new
non-executive Director to the Board.
Feargal O'Rourke
Feargal O'Rourke retired from
professional services firm PwC in October 2023 where he had worked
in a variety of roles over a 37 year career with the firm. He
served as the PwC Managing Partner in Ireland for his last eight
years. During his career at PwC, he advised Irish and international
companies on a broad range of financial issues including
investment, financing and business structuring. He also led the PwC
tax practice and was heavily involved in the OECD BEPS process with
companies, officials, governmental bodies and the OECD.
In January 2024, he was appointed by
Ireland's Minister for Enterprise, Trade and Employment as Chair of
IDA Ireland, the semi-state body that promotes foreign direct
investment into Ireland. He is also Chair of the Institute of
International and European Affairs, the Irish based international
think tank.
Feargal is a graduate of University
College Dublin, a Fellow of Chartered Accountants Ireland and an
Associate of the Irish Tax Institute.
This announcement is made in
accordance with Listing Rule 9.6.11 and there is no further
information to be disclosed pursuant to Listing Rule
9.6.13.
FY2025 Financial Reporting
Calendar
Following a review of the Group's
Financial Reporting Calendar we are proposing to provide market
updates in a consistent and timely manner through the FY2025. Our
reporting calendar will comprise of four updates to the market as
follows:
· First
half Trading Update: 9 September 2024
· Interim
Results: 29 October 2024
· Pre-Close Year End Trading Update: 3 March 2025
· Preliminary Results: 27 May 2025
It is the Group's intention to
maintain this Financial Reporting Calendar in subsequent financial
periods.
ENDS
Contacts
C&C Group
plc
Email: investor.relations@candcgroup.ie
Investors, Analysts &
Media
FTI
Consulting
Jonathan
Neilan / Paddy Berkery / Niamh O'Brien
Tel: +353 86
231 4135 / +353 86 6025988 / +353 87 707 8379
Email: CandCGroup@fticonsulting.com
About C&C Group
plc
C&C Group plc is a leading,
vertically integrated premium drinks company which manufactures,
markets and distributes branded beer, cider, wine, spirits, and
soft drinks across the UK and Ireland.
· C&C
Group's portfolio of owned/exclusive brands
include Bulmers, the leading Irish cider brand and Tennent's,
the leading Scottish beer brand; as well as a range of
fast-growing, premium and craft ciders and beers, such as Heverlee,
Menabrea, Five Lamps and Orchard Pig. C&C exports its Magners
and Tennent's brands to over 40 countries worldwide.
· C&C
Group has owned brand and contract manufacturing/packing
operations in Co.Tipperary,
Ireland and Glasgow, Scotland.
· C&C
is the No.1 drinks distributor to
the UK and Ireland hospitality sectors.
Operating through the Matthew Clark, Bibendum, Tennent's and
Bulmers Ireland brands, the Group has a market leading range, scale
and reach including an intimate understanding of the markets it
serves. Together this provides a key route-to-market for major
international beverage companies.
C&C Group plc is an Irish
incorporated FTSE 250 company headquartered
in Dublin and is listed on the London Stock
Exchange.