C&C Forecasted EBIT 'Marginally Ahead' Of Market Estimates For FY
Published on Mar 12 2020 9:22 AM
Bulmers-owner C&C Group reported that its full year earnings before interest and taxes (EBIT) is expected to be marginally ahead of current market estimates, according to its trading update for the 12 months ended 29 February 2020.
Its adjusted earnings per share (EPS) growth of above 10% is in line with the group’s stated guidance for its full year, 2020 and follows prior year double-digit EPS growth.
Delivery of its brand-led distribution model progressed to plan in its full year 2020, with Matthew Clark and Bibendum reporting blended operating margins within the stated range of guidance for this time following acquisition, it said in a statement.
These businesses continue to perform well against key financial metrics and performance targets, with identified synergy benefits being realised.
The company said that the process to appoint a new CEO is progressing, with global executive search firm Spencer Stuart formally engaged.
The vertically integrated premium drinks company reaffirmed its medium-term guidance for the group of mid to high single-digit EPS growth.
'This guidance assumes no material or prolonged impact from COVID-19, which it is monitoring closely,' the company said.
C&C said that will announce preliminary results for its full year on 13 May, 2020.
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