TIDMCCR

H1 pre-close trading statement

H1 FY2023 net revenues +35% on prior year with expected operating profit range of EUR52-55m

C&C Group plc ('C&C' or the 'Group'), 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, issues a trading statement for the six-month period 1 March 2022 to 31 August 2022 ('H1 FY2023').

In the six months to 31 August 2022, C&C expects to deliver net revenues of c.EUR900m(iii) , approximately +35% on the same period last year and broadly in line with the comparable period pre COVID-19 (H1 FY2020). Corresponding operating profit for H1 FY2023 is expected to be in the range of EUR52-55m(iii)(iv) , compared to EUR16m(v) in the prior year and EUR64m(v) in H1 FY2020. Trading through H1 FY2023 saw demand return robustly at the start of the period, however, consistent with the wider market and the impact of inflation on discretionary consumer spending, the Group has seen a slowdown in on-trade momentum over Q2 FY2023.

The Group is pleased to report that it expects net debt to adjusted EBITDA of approximately 1.5x(i)(ii)(iii) as at 31 August 2022, achieving its previously stated target. This further reduction in leverage multiple reflects the benefit of EUR43m proceeds from the first two tranches of three equal tranches from the sale of the Group's interest in Admiral Taverns, in addition to good cash generation from the business over H1 FY2023. As a consequence of the Group's balance sheet strength and strong cash flow generating capability, it is the Board's intention to review the potential return of capital to shareholders, including dividends, in H2 FY2023.

C&C will announce H1 FY2023 results on Thursday, 27 October 2022.

ENDS

Notes

   1. Adjusted EBITDA is earnings before exceptional items, finance income, 
      finance expense, tax, depreciation, amortisation and share of equity 
      accounted investments' profit after tax. 
 
   2. Net debt comprises borrowings (net of issue costs), lease liabilities 
      capitalised, less cash. 
 
   3. Unaudited financials. 
 
   4. Before exceptional items. 
 
   5. Reported numbers.

Contacts

C&C Group plc

Patrick McMahon, Chief Financial Officer

Ewan Robertson, Finance and Investor Relations Director

Email: ewan.robertson@candcgroup.com

UK & International Media

Richard Hayhoe

Email: richard.hayhoe@candcgroup.com

Investors, Analysts & Irish Media

FTI Consulting

Jonathan Neilan / Paddy Berkery / Aline Oliveira

Tel: +353 86 231 4135 / +353 86 6025988 / +353 83 8331644

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; Tennent's, the leading Scottish beer brand; 
      Magners the premium international cider 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 is a FTSE 250 company headquartered in Dublin and is listed on the London Stock Exchange.

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 believes are reasonable. However, these statements are neither promises nor guarantees, but are subject to risks and uncertainties, including those factors discussed in our FY2022 Annual Report that could cause actual results to differ materially from those anticipated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220913006236/en/

 
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C&C Group PLC

 
    SOURCE: C&C Group PLC 
Copyright Business Wire 2022

(END) Dow Jones Newswires

September 14, 2022 02:00 ET (06:00 GMT)

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