8th Jul 2005 12:15
C&C Group Plc08 July 2005 8 July, 2005 C&C GROUP PLC AGM Statement Dublin, London, 8 July, 2005: C&C Group plc ('C&C' or the 'Group'), the leadingmanufacturer, marketer and distributor of branded beverages and snacks inIreland, today issued the following Chairman's statement at the company's AGMheld at the Berkeley Court Hotel, Lansdowne Road, Dublin 4. "C&C is pleased to report that overall performance for the first four months ofits current financial year is in line with our expectations. This supports theBoard's belief that the Group's 2005/6 financial outcome will be in line withits current guidance which is for earnings to broadly match 2004/5. Strategically, C&C's focus is to invest for sustainable growth opportunitiespresented by Bulmers in Ireland, Magners in the UK and Tullamore Dewinternationally. In the fiscal year to date C&C has achieved good results fromeach element of this strategy. A key feature of the Group's plan for 2005/6 isMagners roll out in the greater London area. This commenced in March 2005 and isprogressing satisfactorily. Positive consumer sentiment in Ireland has not yet been reflected in the softdrinks and snacks markets and the Group remains focused on reducing costs andenhancing efficiencies in these businesses. As part of this programme, C&Crecently announced the closure of its Coolock crisps facility in Dublin whichwill result in enhanced operating margins in 2006/7. The proposed acquisition of Allied Domecq by Pernod Ricard will involve changeto the international distribution of C&C's Spirits & Liqueur brands and is alsolikely to result in some or all of the agreements for C&C's distribution ofAllied Domecq brands in Ireland not being renewed when they expire on 31 January2006. The Group is currently assessing the range of options for the internationaldistribution of its Spirits & Liqueur brands and while there may be ashort-term impact during the transition to alternative distributors, C&C isconfident of its ability to put in place satisfactory alternative arrangements.C&C's strong distribution organisation should be a positive factor in any brandre-alignment which takes place in Ireland. C&C is committed to enhancing shareholder value in the years ahead. Theincreased investment behind its key brands in the current financial year shouldestablish the basis for solid and sustainable medium term growth. The Group will issue a first half pre-close period trading statement on August31 2005." ENDS Investors and analysts Irish Media International Media Mark Kenny or Jonathan Neilan Paddy Hughes or Ann-Marie Curran Edward Orlebar K Capital Source Drury Communications Finsbury Group Tel: +353-1- 631 5500 Tel: +353 1 260 5000 Tel: +44 20 7251 3801 Email : c&[email protected] Email: [email protected] Email:[email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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