Business
Statement re H1 pre-close Trading Statement
Statement re H1 pre-close Trading Statement.
About this update from C&c Group Plc
[{"type":"text","content":"\n \nStatement re H1 pre-close Trading Statement\n\nC&C Group PLC\n\n \n \n \n H1 pre-close trading statement\n \n \nH1 FY2023 net revenues +35% on prior year with expected operating profit range of €52-55m\n\n \nC&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’).\n\n \nIn the six months to 31 August 2022, C&C expects to deliver net revenues of c.€900m(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 €52-55m(iii)(iv), compared to €16m(v) in the prior year and €64m(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.\n\n \nThe 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 €43m 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.\n\n \nC&C will announce H1 FY2023 results on Thursday, 27 October 2022.\n\n \n ENDS\n \n \n Notes\n \n \n \nAdjusted EBITDA is earnings before exceptional items, finance income, finance expense, tax, depreciation, amortisation and share of equity accounted investments’ profit after tax.\n\n \nNet debt comprises borrowings (net of issue costs), lease liabilities capitalised, less cash.\n\n \nUnaudited financials.\n\n \nBefore exceptional items.\n\n \nReported numbers.\n\n \n \n Contacts\n \n \n C&C Group plc\nPatrick...