C&C backs guidance as it delays FY results

Bulmers, Magners and Tennent’s owner C&C Group reaffirmed its annual guidance on Friday as it said full-year results will be delayed as additional time is needed to complete a review of certain non-cash accounting measurements relating to previous financial periods.

The results had been due on 23 May.

The company, which also owns Orchard Pig and Heverlee, among others, continues to expect FY2024 underlying operating profit of around €60m, in line with current market expectations.

"With increasing confidence in the medium-term outlook for the business, together with its strong cash generation and conversion, C&C also re-affirms its intention to return €150 million to shareholders over the next three years within its stated leverage range," it said.