C&C Group confirms FY2024 profit aligns with market expectations
In the 10-month period to December 2023 the Group’s branded net revenue increased 6%
C&C Group plc (‘C&C’ or the ‘Group’) issued an update on recent trading performance.
Trading within the key Christmas period was resilient despite some adverse weather in GB. In the 10-month period to December 2023 the Group’s branded net revenue was +6% with distribution net revenue -3%. Full year underlying operating profit for FY2024 is expected to be in line with current market expectations.
Service levels, defined as On-Time-In-Full (‘OTIF’), were industry leading in the GB distribution business during the Christmas trading period.
While current market conditions remain challenging, mitigating inflationary impacts, improved operating efficiency, business simplification, and gaining customers continue to be the Group’s operating priorities in the medium term.
With increasing confidence in the medium-term outlook for the business and its strong cash generation capabilities, the board reaffirms its intention to distribute up to €150 million to shareholders within the next three fiscal years while maintaining the Group’s leverage target of 1.5x to 2.0x.
C&C will issue full year FY2024 results in May 2024.
