Latest news with #C&C
Telegraph
13 hours ago
- Business
- Telegraph
A sunny spring shines a glowing light on this drinks company's new chief
These all feel like positive steps for a company whose share price is no higher than it was 16 years ago. In the meantime, the balance sheet offers some downside protection and also the prospect for further progress. Net debt, adjusting for leases and a pension surplus, stands at €180m and a recent extension of banking facilities to 2030 means the management team has time on its side when it comes to effecting a turnaround in the company's fortunes. Free cash flow can serve to reduce those borrowings, and also fund cash returns to shareholders. C&C increased its dividend by 5pc in the year just ended and also bought back €30m in stock, in keeping with the plan to return €150m in cash to shareholders across the financial years to February 2025, 2026 and 2027. That sum equates to a fifth of the current stock market capitalisation, using the exchange rate of €1.1934 to the pound that prevails at the time of writing. Questor says: buy Ticker: CCR Share price: 162.8p Update: Indivior Such is the wild trajectory of the share price of Indivior since its demerger from the former Reckitt Benckiser 11 years ago that some investors may be relieved to see it cancel its secondary listing and withdraw from the London market. Others may feel the lowly valuation merits patient support even when the stock can only be traded on Nasdaq. Sceptics will chunter about a history of litigation and profit warning, including three of the latter in 2024. Supporters will put forward Indivior's role as a developer of key treatments for substance abuse disorders, especially in the area of opioid dependency, and how 2024 saw the firm generate its highest levels of sales since 2014's spin-off and its best profits since 2017. Competition and how Presidential policy could affect Medicaid funding will be challenges and sources of further debate. Both sides of the argument will then have to chew over the valuation. The shares stand well below their 2018 record highs of around £24. As a result, even after the final trading alert, which warned of lower sales in 2025 thanks to fall in revenues from Suboxone for which sales from Sublocade would not fully compensate, analysts' forecasts put the stock on a forward price-to-earnings ratio of less than nine times for 2025 and less than eight times for 2026. If Sublocade can still reach Indivior's medium-term target of $1.5bn, compared to the $756m recorded in 2024, then profits could motor and render the shares cheaper still. Where the shares are listed will make no difference to this at all; new chief executive Joe Ciaffoni and new chair Dr. David Wheaton must get the company to deliver on its targets. There is enough value here to persuade long-time holders to cling on.
Irish Independent
3 days ago
- Business
- Irish Independent
C&C must get ‘back to basics' on brands, says CEO of Bulmers firm
Roger White, who has been in post for 132 days, said criticism that C&C's branded drinks portfolio, which also includes Tennent's lager, had been stagnant for some time 'were valid'. 'I think it is an indication that we need to love what we have got a bit more first,' he told the Sunday Independent. 'I think the criticism, as you suggested, is valid. I don't think we have done anything of any material nature to stretch the brands we have got, to develop them to bring customers and consumers anything new and exciting. 'It doesn't need to be strategically earth-shattering, just stretching Bulmers and Tennent's,' he added. 'These are brands that can carry innovation, that can carry new things into the market, that can carry limited editions. They just need a bit of 'new news'. We need to keep them fresh and at the centre of consumers' minds.' White said the UK-listed drinks group had a strong balance sheet capable of making acquisitions. However, this was not his 'primary objective' at the moment, with the current focus on improving what C&C already owns. 'I think it would be stupid of me to say that we are definitely not doing anything because we have got the financial capacity, and if the right thing comes along that creates the right amount of value for shareholders, then it is incumbent on us to fully review it,' he said about acquisitions. 'But it is not our primary focus.' White was speaking after C&C released its results for the year ended February 28. While revenue was flat at €1.66bn, pre-exceptional operating profit jumped 29pc to €77.1m, with Tennent's and Bulmers securing market share gains. The positive results come after a turbulent period for C&C. Last year, the Bulmers maker's former CEO, Patrick McMahon, stood down following accounting errors at the company. Shareholder Engine Capital also called for a sale of the business, describing it as a 'perennial underperformer'. White said C&C's results for the year were 'solid rather than outstanding' as the business looks to bounce back from previous problems. 'I think this is a bit of a recovery year,' he said. 'We are happy that we put in a solid, resilient performance across the group. It is good to see customer service levels across our business recovering, giving our customers increased levels of support. 'My focus is really on simplification, focusing on execution, getting everybody focused on their customers and trying to get hold of what are great brands and make them even better by developing them and bringing something new to customers in all our markets. Something that is valuable to them, tangible and will improve all their businesses.' Asked what the market could see C&C do with its brands, White said some examples could include enhancing its low and no-alcohol offerings and bringing 'excitement and interest both in the liquid and the packaging to bear'. Magners, the UK equivalent of Bulmers, is currently undergoing a revamp in the market. White said this would include a new marketing campaign, refreshed packaging, and improving the zero-alcohol proposition 'in the short term'. 'I don't think there is any particular rocket science,' he said. 'It is just giving the brand the love it needs. 'It is a brand with lots of equity. So consumers know the brand, they recognise it, and there is no awareness issue with it. We just need to move it back up their purchase intent. That is about getting front of mind and reminding people what is great about the brand.' C&C also owns the Five Lamps lager brand in Ireland, which has been marketed as a Dublin-brewed craft beer-style product. The craft beer industry has undergone its own challenges in recent years. How will C&C enhance the Five Lamps brand? White said there was 'work to do'. 'We need to be really clear how we are going to support and get behind some of these smaller brands like Five Lamps. I think the product is good. 'If I was brutally honest, I don't think there has been a particularly well-thought-through plan of how we are going to grow and develop some of these smaller brands.' Following last year's calls from Engine Capital for C&C to sell some of its assets, the drinks group struck a deal with the US-based activist investor that would see it appoint a new non-executive director. I've still got to fully understand how the business all works, how it all fits together White said there are no reviews about selling brands. 'As far as I'm concerned, we have got a clean slate. From my point of view, that is why I took this job. I've still got to fully understand how the business all works, how it all fits together, what we can do with our brands and how we can create value over the long term for shareholders. 'I would say I have plenty of work to do to get my head around that. But, we are focused on the basics just at the minute.' Looking to the year ahead, there appears to be some optimism around C&C, reflected in its share price jumping by over 3pc in London at one stage following its results announcement. We have had a nice few weeks of weather, which always makes you feel a little bit better White, who was the boss of Irn Bru maker AG Barr, is well-versed in leading a business through a period of transformation. He is now looking forward to working on his plan, no matter the challenges that come his way. 'We have had a nice few weeks of weather, which always makes you feel a little bit better about life,' he said. 'It has been an encouraging start to the year. But, we are still very conscious that hospitality in all geographies is tough.'
Yahoo
4 days ago
- General
- Yahoo
Kokua Line: What will city do about mongooses and feral cats at Magic Island?
Question : Lately on my weekly walks at Magic Island, I've noticed many mongooses feeding on cat food left by well-meaning people. The rock jetty along the perimeter of Magic Island houses both mongooses and cats. How will C &C monitor or control this population, which seems to be increasing ? Answer : 'Our park staff are increasing their awareness of these feeding trays and will be removing them appropriately. Ala Moana Regional Park is not an appropriate place to feed animals. Particularly feral cats which have a known parasite in their fecal matter (that causes ) toxoplasmosis, which is detrimental to native marine life and some people, ' Nathan Serota, a spokesperson for Honolulu's Department of Parks and Recreation, said Wednesday in an email. Toxoplasmosis is an infection caused by the single-celled parasite Toxoplasma gondii, which many species, including cats, mongooses, pigs and chickens can carry—complaints about these animals proliferating in Oahu neighborhoods frequently cite health concerns. Cats are considered the definitive hosts because the parasite reproduces in their digestive tracts and spreads through their feces, the U.S. Centers for Disease Control and Prevention explains at. Not all cats are infected. In Hawaii, spinner dolphins, monk seals and nene (Hawaiian geese ) have died of toxoplasmosis, presumably having ingested the parasite through contaminated water or prey, according to news reports. T. gondii oocysts shed in the feces of infected cats are not immediately infectious, but once they become so, they are hardy and can wash out to sea in storm runoff and infect marine life. This is one reason marine conservationists oppose the feeding of feral cats near shorelines. Humans also can carry the parasite ; more than 40 million people in the U.S. are infected, although those with healthy immune systems generally show no symptoms and don't spread the disease from person to person, according to the CDC. Pregnant women, their infants and immunocompromised people are more susceptible to severe disease, which might cause blindness or brain damage. Read more about preventing infection on the CDC website, at, which says not to undercook meat or eat raw shellfish ; to wash or cook fresh produce ; to wear gloves when touching soil or sand that may be contaminated with cat feces ; to wash hands with soap and water after touching anything that may be contaminated ; and, if you have a cat, to clean its litter box daily. 'Eliminate cat feces on a daily basis ; T. gondii oocysts require one to five days after being passed in the feces to become infectious, ' says the Companion Animal Parasite Council, a nonprofit organization the CDC refers cat owners to for more information about toxoplasmosis. Q : For the past few days I have heard heavy helicopters. They almost sound like military, although not quite that loud. Definitely not tourist, I don't think. I can't see them from my window. I live near Kamiloiki Elementary School. Do you know what this is ? A : Yes. Hawaiian Electric is using a helicopter to replace utility poles and upgrade related equipment in East Oahu, flying above Kamehame Ridge and Kalama Valley, according to the company's social media feeds. Flight paths avoid populated areas while carrying loads, but the noise can reverberate through nearby neighborhoods. The work is expected to continue through today. Mahalo In April, I passed out in the parking lot fronting Kahala Longs. A man and a woman came to my aid instantly. They both stayed with me until my husband arrived to assist me. God was watching over me and sent these wonderful strangers to my side. I'd like to send a great mahalo to them for caring for me and treating me like their ohana.—Aloha, S.T.------------Write to Kokua Line at Honolulu Star-Advertiser, 500 Ala Moana Blvd., Suite 2-200, Honolulu, HI 96813 ; call 808-529-4773 ; or email.------------
Irish Independent
6 days ago
- Business
- Irish Independent
Cider maker C&C hopes for a long hot summer as shares rise and annual profits hit €77m
But the company has warned that consumer confidence in the UK and Ireland 'remains subdued' and the prospect of US tariffs 'add further uncertainty'. Revenue at the group, which also owns brands including Tennent's, Orchard Pig and Five Lamps, was flat at €1.66bn for the year ended February 28. Its pre-exceptional operating profit jumped 29pc to €77.1m however, which was also in line with analysts' forecasts. The drinks firm saw Tennent's and Bulmers secure market share gains during the year, it noted. The key summer trading period lies ahead, and tourism always helps sales In Ireland, C&C said that on-trade volumes of long alcoholic drinks were in line with last year's numbers, with value growth of 9pc that reflected pricing activity and growth. 'The market saw a shift towards stout, premium beer and ready-to-drink categories, with standard lager and cider seeing share declines,' it added. 'Positively, tourism provided a welcome tailwind to the industry, with international visitor spend estimated to have increased 13pc in the year.' In the off-trade sector, long alcoholic drink volumes fell 5pc (2pc by value). Cider category volume and value declined 6pc and 3pc respectively in the year. 'The large supermarket operators have responded with increased targeted advertising campaigns and deep discounting promotions as actions to stimulate category volume,' noted C&C. C&C also owns the Matthew Clark-Bibendum distribution business in the UK. It said the unit saw 'recovering customer momentum' in the year, with numbers of customers up 8pc. ADVERTISEMENT Despite the group's optimism for 2025, it said that total employment costs in the UK will rise in the coming year – due to the increase in Britain's national minimum wage, and in employer national insurance contributions. It said the planned Extended Producer Responsibility Levy in the UK, a tax on producers' packaging, will also have an impact. Tax and the Deposit Return Scheme that is already in effect in Ireland 'will cause further price inflation, as these costs and taxes are passed on to customers and consumers,' it said. 'With the key summer trading period ahead, we are executing our plans for the year, supporting our customers, investing in innovation and brand-building, people, and systems, whilst continuing to simplify the business and control costs,' said chief executive Roger White.
The Herald Scotland
6 days ago
- Business
- The Herald Scotland
Tennent's chief pins hopes on Scotland's 'resilient' pubs
Profits were up from €60m the year before, underlining C&C's continuing recovery from several major internal challenges, including a botched upgrade to the ordering system for its wine and spirits wholesaling business, Matthew Clark Bibendum. The company is guiding the City on profits rising 'marginally' in the current year. Despite an 'encouraging' start to the current year, boosted by the recent spell of warm sunny weather, Mr White said the challenges facing the industry are 'writ large'. Mr White, who led Irn-Bru maker AG Barr for two decades before joining C&C, told The Herald: 'We've got costs which are challenging for them [hospitality operators] coming through in terms of [increases in employer] national insurance and minimum wage. It is tough for consumers to make ends meet. Despite the recent weeks of decent weather, it will continue to have a dampening effect on the industry. 'But, you know, it is a pretty resilient industry as well. I think we are cautious, but we remain optimistic that the hospitality industry will work its way through.' Read more: C&C Group, which is headquartered in Dublin, reported that net revenue increased by 13% to €1.665 billion for the year ended February 28, in line with expectations. Growth in distribution was offset by the disposal of its non-core soft drinks business in Ireland, lower contract volumes, and a softer cider market in the UK and Ireland attributed to poor summer weather in 2024. Mr White said that flagship brands Tennent's, Scotland's highest-selling lager, and Bulmers Irish cider (sold under the Magners brand in Great Britain) had gained market share last year, and noted that the company sees 'future growth opportunities for both'. Although last year saw the men's Euro 2024 football championship take place in Germany - the type of event which brings a natural boost to beer volumes - Mr White is not concerned about C&C's results for this year being affected by tough comparisons with last time. With an estimated 200,000 to 300,000 Scotland fans having travelled to Germany for the tournament last summer, this meant the Tennent's brand was without a 'lot of core consumers for a fairly important part of the year' in its domestic market. 'So I don't think that the 'comps' [comparisons] are particularly impacted by the football of last year,' Mr White added. C&C also signalled that it was recovering customer momentum within Matthew Clark Bibendum, following the upheaval arising from the flawed implementation of an ERP (enterprise resource planning) system in May 2023. Mr White said: 'I think the actual issues that were ERP implementation related are past us now. We're still building confidence with those customers who had a tougher time at that difficult period, but I've been encouraged in all my conversations with our customers that our service level is now back to where they would want it to be. 'I don't think we are where we would want to be yet, but we are certainly a lot better and giving people a really strong service and our objective now is just to keep that going consistently for the summer and the balance of the year.' Deutsche Bank Group said in a research note for investors: 'We think C&C's FY25 results highlight an improved 2H delivery against a challenging backdrop. FY25 operating profit of €77.1m was 2% ahead of consensus, reflecting improved margins across both the branded and distribution businesses. 'Notwithstanding some of the industry headwinds we think C&C has stabilised.' The note added: 'FY26 expectations are unchanged and current trading is 'encouraging'. We think the new management team are well placed to drive shareholder value creation from here.' Shares in C&C Group, which is listed in London, closed up 3.23%, or 5p, at 159.8p.
