15th Aug 2024 10:48
C&C Group PLC - Dublin-based beer, cider, wine, spirits, and soft drinks maker and distributor across UK and Ireland - Tells annual general meeting that earnings have been in line with expectations in its financial year that began on March 1, despite the poor weather in the UK and Ireland during June, saying more detail will be provided with its half-year results, due out on September 9. "We remain confident of achieving our earnings expectations for the full year, reflecting significant growth relative to FY2024," C&C says. It also confirms it will start the second EUR15 million tranche of its EUR150 million share buyback programme on September 1.
C&C also hires Feargal O'Rourke as an independent non-executive director. O'Rourke is the former managing partner in Ireland for accountants PwC. He currently is chair of IDA Ireland, a semi-state body that promotes foreign direct investment into Ireland.
C&C has come through a torrid period of late. Last week, it saw off an attempt by one of its shareholders, Engine Capital LP, to put forward two directors for election at Thursday's AGM. Back in June, C&C said Patrick McMahon would step down as chief executive, to take responsibility for accounting errors made during his tenure as chief financial officer.
Current stock price: 153.50 pence, up 1.3% in London on Thursday
12-month change: up 8.9%
By Tom Waite, Alliance News editor
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