By Michele Maatouk
Date: Wednesday 24 May 2023
LONDON (ShareCast) - (Sharecast News) - Bulmers and Magners owner C&C Group posted a jump in full-year profit and revenues on Wednesday amid higher volumes and prices, and reinstated its dividend.
In the year to 28 February, operating profit grew 75.6% to €84.1m, while pre-tax profit rose to €66.8m from €34.4m. Revenue increased 18.4% to €1.7bn. C&C said net revenues were driven by 4.2% volume growth and price/mix growth of 14.2%.
C&C said that with Covid restrictions out of the way, fresh challenges emerged during the year, namely in the form of a high-inflation environment and the associated impact on consumers' discretionary spending, but also strikes in the UK, which affected the hospitality sector.
Nevertheless, the performance of its core brands - Bulmers and Tennent's - has been resilient and brand health scores and market share for both improved year-on-year, "maintaining clear market-leading positions".
As a result, the company proposed to pay a dividend for the first time since 2019, of 3.79 cents.
Chief executive Patrick McMahon said: "Set against a challenging backdrop in FY2023, C&C delivered an improved performance against all financial measures.
"Increased balance sheet strength and inherently strong free cash flow characteristics have enabled C&C to return capital to shareholders through the re-instatement of dividends."
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Currency | UK Pounds |
Share Price | 174.20p |
Change Today | 6.40p |
% Change | 3.81 % |
52 Week High | 176.00 |
52 Week Low | 123.40 |
Volume | 1,786,137 |
Shares Issued | 389.47m |
Market Cap | £678.46m |
RiskGrade | 222 |
Value |
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Price Trend |
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Income |
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Growth |
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Latest | Previous | |
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Interim | Final | |
Ex-Div | 09-Nov-23 | 08-Jun-23 |
Paid | 01-Dec-23 | 21-Jul-23 |
Amount | 1.89¢ | 3.79¢ |
Time | Volume / Share Price |
14:15 | 300 @ 174.20p |
14:15 | 373 @ 174.20p |
14:12 | 179 @ 174.40p |
14:12 | 500 @ 174.40p |
14:12 | 179 @ 174.40p |
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