C&C Group Seeks To Cancel Irish Listing After 'Solid Start' To FY20
Bulmer's maker the C&C Group has reported ‘a solid start’ to its financial year 2020, trading to date in line with expectations, the group said.
The group revealed that, following the acquisition of Matthew Clark and Bibendum, a majority of the Group’s revenues, earnings and activities are now derived in and from the United Kingdom.
As a result, C&C is now seeking inclusion in the FTSE UK Index Series, where it is currently listed and traded on the premium segment.
In order to facilitate the entry, the cider maker intends to apply for the cancellation of the listing and trading of C&C shares on Euronext Dublin.
The group said that it will remain domiciled and tax resident in Ireland, with its registered and corporate head office located in Dublin.
It also said it hoped to retain its significant manufacturing, commercial and brand presence in Ireland.
A Transformational Year
Stephen Glancey, group chief executive, said that 2019 was “a transformational year” for the group.
“The acquisition, and subsequent performance, of Matthew Clark & Bibendum contributed to earnings growth of over 20%,” he explained.
“Reflecting the inherent strength of the C&C business today, our objective is to again deliver double-digit EPS growth in FY20.”
The group added that it will target EPS growth in a mid to high single digit range.
The C&C Group added that, in Ireland, its manufacturing business is already carbon neutral, with 40% of its energy coming from renewable sources.
In Scotland, where the group makes Tennent’s lager, the company revealed plans to achieve carbon neutrality by 2025 across all its markets.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.