C&C Group on track despite mixed summer weather

15th Aug 2024 09:53

(Sharecast News) - C&C Group said in a trading update on Thursday that despite challenging weather conditions in June, its earnings for the year to date were in line with expectations, with a strong outlook for the rest of the financial year.

The FTSE 250 drinks maker, which was holding its annual general meeting, said it was confident in meeting its full-year earnings targets, which were projected to show significant growth compared to the previous year.

That optimism is underscored by the planned restart of the second tranche of its €15m share buyback programme, set to begin on 1 September.

It followed the successful completion of the first tranche earlier in the year, as part of C&C's broader strategy to return at least €150m to shareholders by 2027.

Additionally, shareholders would vote today on a proposed final dividend of 3.97 euro cents per share, which, if approved, would bring the total dividend for the year to 5.86 cents per share.

In a board update, C&C announced the appointment of Feargal O'Rourke as an independent non-executive director, effective immediately following the AGM.

O'Rourke would also join the audit committee.

His appointment followed a selection process overseen by the nomination committee with the assistance of an independent executive search firm.

The company noted that it was currently reviewing the composition of its committees, and would provide further updates on committee memberships in the near future.

"Feargal brings valuable expertise to C&C having advised companies on a broad range of corporate, financial and taxation considerations over a long and esteemed career in PwC," said group chair and chief executive officer Ralph Findlay.

"We look forward to the contribution he will make to the C&C board in the period ahead as we pursue our strategic, financial and ESG ambitions."

At 0933 BST, shares in C&C Group were up 1.19% at 153.4p.

Reporting by Josh White for Sharecast.com.