AGM Statement
C&C Group PLC
AGM TRADING UPDATE
Dublin, London, 5 August 2010: C&C Group plc (‘C&C’ or the 'Group’), a leading manufacturer, marketer and distributor of branded beverages in Ireland and the UK, is hosting its Annual General Meeting (“AGMâ€) at 12.00pm in Dublin today. At the AGM, C&C Group Chairman, Tony O’Brien, made the following comments on current trading conditions:
“As noted in our interim management statement (“IMSâ€) issued on 25 May 2010, market conditions in Ireland and the UK remain challenging, particularly in the on-trade. Against that backdrop, we are pleased with the performance of the Bulmers and Magners brands year-to-date. The recently acquired Tennents and Gaymers brands are also delivering on our expectations. Both customer and consumer feedback on the new “Method in the Magnersâ€, “Bulmers Berryâ€, “Bulmers Draught†and “Hugh Tennent†advertising campaigns is positive and the initial performance of the recently launched “Magners Golden Draught†product in Scotland is encouraging. The good weather in June and the World Cup have had a positive impact on volumes in the off-trade but the level of promotional activity has been significant.
The Group completed the disposal of its Spirits & Liqueurs division to William Grant & Sons Holdings Ltd. for a cash consideration of €300 million on 30 June.
The integration of the Tennent’s and Gaymers businesses is progressing well. The creation of a single cider sales and marketing team for Great Britain (“GBâ€) is now complete. The Group has also fully integrated order capture and technical services and the development of a new IT systems platform for GB is well advanced. Exit from both Transitional Service Agreements is scheduled for September 2010.
While the Group remains cautious on the macro economic outlook for both Ireland and Great Britain, we are confident in the progress being made in the development of our brand strengths and trading strategies. C&C expects to deliver a 2010/11 full year operating profit in line with current market expectations and is increasingly well positioned to deliver consistent performance and growth.â€
At the AGM, the Group’s CEO, John Dunsmore, gave shareholders a short presentation on the changes to the C&C business over the past year. A copy of this presentation is available on the Group’s website: www.candcgroupplc.ie
The Group will report its 2010/11 first half results on 12 October, 2010.
About C&C Group plc
C&C Group plc is a leading manufacturer, marketer and distributor of branded beverages in Ireland and the UK. C&C manufactures the leading Irish cider brand, Bulmers, and the premium international cider brand, Magners, for export to the United Kingdom, the United States and Continental Europe. C&C recently acquired the Tennent's beer brand which is primarily sold in Scotland and Northern Ireland and The Gaymer Cider Company which produces a range of branded and own label cider for the on and off-trade in the UK. The company also distributes a number of beer brands in the Scottish, Irish and Northern Irish markets.
Note regarding forward-looking statements
This announcement includes forward-looking statements, including statements concerning expectations about future financial performance, economic and market conditions, etc. These statements are neither promises nor guarantees, but are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
C&C Group plc | Â | Investors and Analysts | |
Kenny Neison Strategy Director & Head of Investor Relations  Tel: +353 1 616 1100 Email: kenny.neison@candcgroup.ie |
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