12th Mar 2020 10:26
(Alliance News) - C&C Group PLC on Thursday said its annual earnings will be better than previously expected.
The Dublin-based drinks manufacturer and distributor said it anticipates its earnings before interest, taxation, depreciation, and amortisation for its financial year to the end of February to be "marginally ahead of expectations".
Pretax profit for financial 2019 was EUR81.8 million on revenue of EUR2.00 billion. Ebitda was EUR120.0 million.
Adjusted earnings per share growth for financial 2020 is expected to be above 10%, in line with the company's guidance following double-digit growth the year prior. For financial 2019, adjusted diluted earnings per share was 26.6 euro cents, up 21% from financial 2018.
The company noted however that its guidance is on the assumption that the coronavirus outbreak will not hurt its business.
C&C said Matthew Clark and Bibendum performed well against key financial metrics and performance targets. The Magners cider maker acquired drinks distributors Matthew Clark and Bibendum in 2018.
The cider maker added that it is on course to deliver on its commitment of being 100% carbon-neutral by 2025.
The process to appoint a new chief executive continues, C&C said. Former chief executive Stephen Glancey stepped down in January, and Non-Executive Chair Stewart Gilliland was named interim executive chair.
Full results for financial 2020 will be published on May 13.
Shares in C&C were trading 5.1% lower at 263.00 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
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