C&C Group Plc
08 July 2005
8 July, 2005
C&C GROUP PLC
AGM Statement
Dublin, London, 8 July, 2005: C&C Group plc ('C&C' or the 'Group'), the leading
manufacturer, marketer and distributor of branded beverages and snacks in
Ireland, today issued the following Chairman's statement at the company's AGM
held at the Berkeley Court Hotel, Lansdowne Road, Dublin 4.
"C&C is pleased to report that overall performance for the first four months of
its current financial year is in line with our expectations. This supports the
Board's belief that the Group's 2005/6 financial outcome will be in line with
its current guidance which is for earnings to broadly match 2004/5.
Strategically, C&C's focus is to invest for sustainable growth opportunities
presented by Bulmers in Ireland, Magners in the UK and Tullamore Dew
internationally. In the fiscal year to date C&C has achieved good results from
each element of this strategy. A key feature of the Group's plan for 2005/6 is
Magners roll out in the greater London area. This commenced in March 2005 and is
progressing satisfactorily.
Positive consumer sentiment in Ireland has not yet been reflected in the soft
drinks and snacks markets and the Group remains focused on reducing costs and
enhancing efficiencies in these businesses. As part of this programme, C&C
recently announced the closure of its Coolock crisps facility in Dublin which
will result in enhanced operating margins in 2006/7.
The proposed acquisition of Allied Domecq by Pernod Ricard will involve change
to the international distribution of C&C's Spirits & Liqueur brands and is also
likely to result in some or all of the agreements for C&C's distribution of
Allied Domecq brands in Ireland not being renewed when they expire on 31 January
2006.
The Group is currently assessing the range of options for the international
distribution of its Spirits & Liqueur brands and while there may be a
short-term impact during the transition to alternative distributors, C&C is
confident of its ability to put in place satisfactory alternative arrangements.
C&C's strong distribution organisation should be a positive factor in any brand
re-alignment which takes place in Ireland.
C&C is committed to enhancing shareholder value in the years ahead. The
increased investment behind its key brands in the current financial year should
establish the basis for solid and sustainable medium term growth.
The Group will issue a first half pre-close period trading statement on August
31 2005."
ENDS
Investors and analysts Irish Media International Media
Mark Kenny or Jonathan Neilan Paddy Hughes or Ann-Marie Curran Edward Orlebar
K Capital Source Drury Communications Finsbury Group
Tel: +353-1- 631 5500 Tel: +353 1 260 5000 Tel: +44 20 7251 3801
Email : c&cgroup@kcapitalsource.com Email: phughes@drurycom.com Email:edward.orlebar@finsbury.com
This information is provided by RNS
The company news service from the London Stock Exchange
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