Drinks company C&C, the owner of brands such as Magners and Tennent’s, has said it’s on track to meet expectations this year despite well-documented troubles in the alcohol industry.
The firm, which is headquartered in Dublin, said in an update ahead of its AGM that it remained “confident” of achieving its set goal and that trading was good despite the poor weather in June, which kept Brits indoors.
The FTSE-250 company manufactures, markets and distributes branded beer, cider, wine, spirits, and soft drinks across the UK and Ireland.
Many drinks companies have suffered this year: both Diageo and Distil posted significant declines in revenue.
Profit at the FTSE-100-listed Diageo, which as well as spirits sells Guinness and Baileys, fell by $304m (£237m) – or 4.8 per cent.
Meanwhile, Distil‘sfirst-half revenue halved amid a steep drop in revenue in light of inflation, cost-of-living pressures and a significant hike in alcohol duty.
C&C started a €15m (£8.6m) share buyback programme on March 1, which has been completed. The buyback was part of a previously stated commitment to deliver at least €150m (£86m) back to shareholders over the three years ending February 2027.
The board has proposed a final dividend of four cents (3p) per share. An interim dividend of 1.9 cents (1.3p) per share was paid in December, making a full-year dividend of 5.9 cents (5p) per share.
C&C also announced the appointment of Feargal O’Rourke as an independent, non-executive director “with effect from the conclusion of today’s [Thursdays’s] AGM”, the company said.
Ralph Findlay, C&C chair and chief executive, said: “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 said: “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 O’Rourke was part of the Board’s “ongoing programme of refreshment and renewal”, C&C said.