C&C Group PLC has provided a trading update ahead of its Annual General Meeting (AGM) and announced the appointment of Feargal O'Rourke as an independent, Non-Executive Director. The Group's earnings have been in line with expectations for the financial year-to-date, despite poor weather in June. C&C remains confident of achieving its earnings expectations for the full year and plans to recommence its second €15m tranche of its share buyback program from 1 September.
The Group intends to deliver at least €150m to shareholders over the next three years through a mix of share buybacks, dividends, and special dividends. C&C commenced a €15m share buyback program on 1 March 2024, which has been completed, and will commence the second tranche shortly. Subject to shareholder approval, the Directors have proposed a final dividend of 3.97 cent per share.
Feargal O'Rourke has been appointed as an independent, Non-Executive Director and will join the Board after the AGM. Ralph Findlay, C&C Group Chair & CEO, expressed that O'Rourke's expertise will be valuable to the company. O'Rourke, who retired from PwC in October 2023, expressed his delight in joining C&C and supporting the Board in achieving its ambitious medium and long-term targets.
The Group's Financial Reporting Calendar for FY2025 will comprise four updates to the market, including the First half Trading Update on 9 September 2024, Interim Results on 29 October 2024, Pre-Close Year End Trading Update on 3 March 2025, and Preliminary Results on 27 May 2025. C&C intends to maintain this Financial Reporting Calendar in subsequent financial periods.
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 and Tennent's, as well as a range of fast-growing, premium, and craft ciders and beers. C&C exports its Magners and Tennent's brands to over 40 countries worldwide and operates through various subsidiaries.
Feargal O'Rourke, the newly appointed Non-Executive Director, brings a wealth of experience from his 37-year career at PwC, where he advised companies on a broad range of financial issues. He also serves as Chair of IDA Ireland and the Institute of International and European Affairs. This announcement is made in accordance with Listing Rule 9.6.11, and there is no further information to be disclosed pursuant to Listing Rule 9.6.13.