C&C, the drinks company that owns brands such as Magners and Tennent's, has announced it is on track to meet its annual targets despite the well-documented challenges facing the alcohol industry. The Dublin-based firm stated in a pre-AGM update that it remains "confident" of achieving its objectives, with trading remaining robust even amidst the poor weather in June that kept Brits indoors.
The FTSE-250 listed company, which manufactures, markets and distributes a range of branded beer, cider, wine, spirits, and soft drinks across the º£½ÇÊÓƵ and Ireland, has managed to stay buoyant while other drinks companies have struggled this year. Both Diageo and Distil reported significant revenue declines.
Diageo, a FTSE-100 listed company that sells Guinness and Baileys among other spirits, saw profits fall by $304m (£237m) a decrease of 4.8 per cent. Meanwhile, Distil experienced a sharp drop in first-half revenue due to inflation, cost-of-living pressures and a substantial increase in alcohol duty.
On March 1, C&C initiated a €15m (£8.6m) share buyback programme, which has now been completed. This buyback was part of a previously announced commitment to return at least €150m (£86m) to shareholders over the three years ending February 2027.
The board has proposed a final dividend of four cents (3p) per share. This follows an interim dividend of 1.9 cents (1.3p) per share paid in December, resulting in a full-year dividend of 5.9 cents (5p) per share, as reported by .
C&C has announced the appointment of Feargal O'Rourke as an independent, non-executive director "with effect from the conclusion of today's [Thursday] AGM", according to a company statement.
Ralph Findlay, C&C chair and chief executive, 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 expressed his enthusiasm about the new role, stating: "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 company further explained that the appointment of O'Rourke was part of the Board's "ongoing programme of refreshment and renewal".
