C&C backs guidance as it delays FY results
[Tom Eversley - stock.adobe.com]
Bulmers, Magners and Tennent's owner reaffirmed its annual guidance on Friday as it said full-year results will be delayed as additional time is needed to complete a review of certain non-cash accounting measurements relating to previous financial periods.
The results had been due on 23 May.
The company, which also owns Orchard Pig and Heverlee, among others, continues to expect FY2024 underlying operating profit of around €60m, in line with current market expectations.
"With increasing confidence in the medium-term outlook for the business, together with its strong cash generation and conversion, C&C also re-affirms its intention to return €150 million to shareholders over the next three years within its stated leverage range," it said.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.