Trading Statement

DUBLIN & LONDON, January 18, 2024--(BUSINESS WIRE)--

Trading Statement

Full year operating profit for FY2024 to be in line with current market expectations

C&C Group plc (‘C&C’ or the 'Group’), owners of the Tennent’s, Magners and Bulmers Ireland brands, and Matthew Clark and Bibendum Wine, today issues an update on recent trading performance.

Trading over the key Christmas period was resilient despite some adverse weather in GB. In the 10-month period to December 2023 the Group’s Branded Net Revenue is +6%⁽ⁱ⁾ with Distribution Net Revenue -3%⁽ⁱ⁾. Full year underlying operating profit for FY2024 is expected to be in line with current market expectations.

Service levels, defined as On-Time-In-Full (‘OTIF’), were industry leading in the GB distribution business over the Christmas trading period reflecting the Group’s commitment to deliver market leading customer service through GB’s preeminent distribution platform.

While current market conditions remain challenging, mitigating inflationary impacts, improved operating efficiency, business simplification, and gaining customers continue to be the Group’s operating priorities in the medium term. An update will be provided as part of our full year results announcement later this year.

With increasing confidence in the medium-term outlook for the business and its strong cash generation capabilities, the Board reaffirms its intention to distribute up to €150million to shareholders over the next three fiscal years while maintaining the Group’s leverage target of 1.5x to 2.0x.

C&C will issue full year FY2024 results in May 2024.

(i) Unaudited financials

ENDS

Contacts

C&C Group plc

Riona Heffernan, Group Finance & Investor Relations Director

Email: riona.heffernan@candcgroup.com

Investors, Analysts & Media

FTI Consulting

Jonathan Neilan / Paddy Berkery / Aline Oliveira

Tel: +353 86 231 4135 / +353 86 602 5988 / +353 83 833 1644

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 FY2023 Annual Report that could cause actual results to differ materially from those anticipated.

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Contacts

C&C Group PLC