C&C Group Plc
16 January 2008
Interim Management Statement for
the six months ending 29 February, 2008
Dublin, London, 16 January, 2008: C&C Group plc ('C&C' or the 'Group'), a
leading manufacturer, marketer and distributor of branded beverages in Ireland
and the UK, today issued the following Interim Management Statement for the six
months ending 29 February 2008.
Quarter to 30 November 2007
Revenue
Revenue(i) for the quarter to 30 November, 2007 declined by 15% compared with
the same period last year. This performance reflects a decline of 18% for C&C's
Cider division and growth of 1% for Spirits & Liqueurs.
The year-on-year decline in the Cider division's revenue for the third quarter
is in line with the performance in the quarter to 31 August 2007 and comprises a
30% decline in Great Britain and 2% growth in the Republic of Ireland.
The performance in Great Britain primarily reflects the impact of a loss of
on-trade market share during the period to 31 August, the negative carry-over
impact of poor summer weather on recruitment to the premium cider category, and
a very weak overall on-trade market.
The performance of Bulmers in Ireland represents a strong recovery from the
quarter to 31 August which was impacted by the poor summer weather. This
performance reflects the established nature of the Bulmers brand in Ireland
compared to Magners in Great Britain.
Margins
Group operating margin(i) for the quarter was one percentage point lower than in
the half year to 31 August, 2007 with Cider division margin unchanged.
Other
Implementation of the Group's re-organisation and cost reduction programme,
announced on 15 November, 2007, is progressing in line with expectations. The
Group continues to take a series of measures to sharpen its competitive response
in Great Britain and expects to make an announcement on the appointment to the
post of Managing Director - Magners GB in the coming weeks. The benefit of these
measures will be felt in 2008/9.
Trading since 30 November 2007
Trading over the Christmas period followed the pattern in the quarter
to 30 November, 2007- a solid performance in Ireland and a weak performance in
Great Britain.
Accordingly the Group expects overall revenue(i) for the year to 29 February
2008 to decline by approximately ten percent compared to the 2006/7 fiscal year
and operating profit margin(i) to be down by approximately ten percentage
points.
Including income from discontinued operations and from non-recurring foreign
exchange gains, this operating performance is expected to result in an earnings
per share(ii) outcome for the 2007/8 full year at the lower end of the range of
current market expectations.
Share Buyback
The Group intends to commence an on-market share buyback programme shortly.
2008 Reporting Calendar
The Group will issue a 2007/8 full year trading update on 29 February
2008 and host a conference call for analysts and institutional investors on that
date. C&C will report 2007/8 full year results on 8 May 2008.
(i) Continuing operations - before exceptional items and at constant
currency.
(ii) Before exceptional items.
Investors and analysts Irish Media International Media
Mark Kenny or Jonathan Neilan Paddy Hughes Edward Orlebar or Charlotte Kirkham
K Capital Source Drury Communications M Communications
Tel: +353 1 631 5500 Tel: +353 1 260 5000 Tel: +44 207 153 1523/1531
Email :c&cgroup@kcapitalsource.com Email: phughes@drurycom.com Email: orlebar@mcomgroup.com
kirkham@mcomgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.