11th May 2016 09:55
LONDON (Alliance News) - C&C Group PLC, the Dublin-based maker of Bulmers and Magners cider, on Wednesday said earnings fell by 10% in its last financial year.
Operating profit, stated before exceptional costs of EUR38.4 million, fell to EUR103.2 million in the 12 months to February 29, C&C said in a statement, down 10% from a year earlier, as guided in March.
Exceptional costs included restructuring costs of EUR18.2 million, comprising severance costs of EUR14.5 million and other costs of EUR3.7 million. Revaluing property, plant and equipment resulted in an impairment charge of EUR16.0 million. Still, overall exceptional costs fell from EUR173.4 million a year earlier.
C&C increased its total dividend for the year to 13.65 cents from 11.5 cents, with the payout ratio rising to 56% from 42%. It returned EUR115 million to shareholders in the recently ended financial year, and said the intention is to increase this to over EUR130 million by mid-2016 under its current share buyback plan.
The company swung to a full-year pretax profit of EUR56.3 million, from a pretax loss of EUR67.8 million a year earlier, as revenue before excise duties fell to EUR946.9 million from EUR986.5 million and operating costs fell to EUR597.8 million from EUR742.3 million.
"Cider is now penetrating deeper into international markets as consumers are attracted to the sweet natural taste," Chief Executive Officer Stephen Glancey said in a statement.
"While we have returned substantial capital to shareholders during the year, leverage on our
balance sheet remains conservative providing financial flexibility within the business. We are positioned to deliver earnings growth and strong cash generation in financial year 2017," Glancey said.
C&C's net debt rose to EUR163.0 million from EUR157.8 million over the course of the full year, equating to 1.3 times earnings before interest, tax, depreciation and amortisation of EUR122.6 million at the year-end.
Shares in C&C were up 0.6% at EUR4.12 Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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