Response to Shareholder
Letter
Dublin, London 24 June 2024: The Board of C&C Group plc (the
"Company" or "C&C") notes the open letter published today from
Engine Capital LP ("Engine"), a shareholder in the
Company.
The Board welcomes feedback from all
shareholders and has a clear focus on creating shareholder
value.
As set out in the recent FY24
year-end results update, the underlying performance of the business
has been in line with expectations, and progress has been made in
returning capital to shareholders. Operationally, the key
priority is to deliver the substantial actions currently being
progressed at pace throughout the business, driving forward both
Brand and Distribution revenue, improving margin, while returning
up to €150m by the end of FY27.
ENDS
Contacts
C&C Group plc
Email: investor.relations@candcgroup.ie
Investors, Analysts & Media
FTI
Consulting
Jonathan Neilan / Paddy
Berkery
Tel: +353 86 231 4135 / +353 86
6025988
Email: CandCGroup@fticonsulting.com
About C&C Group plc
C&C Group plc is a leading,
vertically integrated premium drinks company which manufactures,
markets and distributes branded beer, cider, wine, spirits, and
soft drinks across the UK and Ireland.
· C&C Group's portfolio of owned/exclusive brands include
Bulmers, the leading Irish cider brand and Tennent's, the leading
Scottish beer brand; as well as a range of fast-growing, premium
and craft ciders and beers, such as Heverlee, Menabrea, Five Lamps
and Orchard Pig. C&C exports its Magners and Tennent's brands
to over 40 countries worldwide.
· C&C Group has owned brand and contract
manufacturing/packing operations in Co. Tipperary, Ireland
and Glasgow, Scotland.
· C&C is the No.1 drinks distributor to the UK and Ireland
hospitality sectors. Operating through the Matthew Clark, Bibendum,
Tennent's and Bulmers Ireland brands, the Group has a market
leading range, scale and reach including an intimate understanding
of the markets it serves. Together this provides a key
route-to-market for major international beverage companies.
C&C Group plc is an Irish
incorporated FTSE 250 company headquartered in Dublin and is listed
on the London Stock Exchange.