Last checked at 24 Jun 2024 13:52
Response to Shareholder Letter
Dublin, London 24 June 2024: The Board of C&C Group plc (the "Company" or "C&C") notes the open letter published today from Engine Capital LP ("Engine"), a shareholder in the Company.
The Board welcomes feedback from all shareholders and has a clear focus on creating shareholder value.
As set out in the recent FY24 year-end results update, the underlying performance of the business has been in line with expectations, and progress has been made in returning capital to shareholders. Operationally, the key priority is to deliver the substantial actions currently being progressed at pace throughout the business, driving forward both Brand and Distribution revenue, improving margin, while returning up to €150m by the end of FY27.
ENDS
Contacts
C&C Group plc
Email: investor.relations@candcgroup.ie
Investors, Analysts & Media
FTI Consulting
Jonathan Neilan / Paddy Berkery
Tel: +353 86 231 4135 / +353 86 6025988
Email: CandCGroup@fticonsulting.com
About C&C Group plc
C&C Group plc is 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.
· C&C Group's portfolio of owned/exclusive brands include Bulmers, the leading Irish cider brand and Tennent's, the leading Scottish beer brand; as well as a range of fast-growing, premium and craft ciders and beers, such as Heverlee, Menabrea, Five Lamps and Orchard Pig. C&C exports its Magners and Tennent's brands to over 40 countries worldwide.
· C&C Group has owned brand and contract manufacturing/packing operations in Co. Tipperary, Ireland and Glasgow, Scotland.
· C&C is the No.1 drinks distributor to the UK and Ireland hospitality sectors. Operating through the Matthew Clark, Bibendum, Tennent's and Bulmers Ireland brands, the Group has a market leading range, scale and reach including an intimate understanding of the markets it serves. Together this provides a key route-to-market for major international beverage companies.
C&C Group plc is an Irish incorporated FTSE 250 company headquartered in Dublin and is listed on the London Stock Exchange.