C&C Group plc has issued a response to an open letter from Engine Capital LP, a shareholder in the company. The Board welcomes feedback from all shareholders and emphasizes its focus on creating shareholder value. The recent FY24 year-end results update indicated that the underlying performance of the business has been in line with expectations, with progress made in returning capital to shareholders. The company's operational priority is to drive forward both Brand and Distribution revenue, improve margin, and return up to €150m by the end of FY27.
C&C Group plc is a leading, vertically integrated premium drinks company that manufactures, markets, and distributes branded beer, cider, wine, spirits, and soft drinks across the UK and Ireland. The company's portfolio includes owned/exclusive brands such as Bulmers, the leading Irish cider brand, and Tennent's, the leading Scottish beer brand. Additionally, C&C exports its Magners and Tennent's brands to over 40 countries worldwide. The company also 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, providing a key route-to-market for major international beverage companies.