C&C Shares Jump as Firm Eyes up Craft Beer Market
Shares in C&C jumped the most in more than five years yesterday as the drinks company boosted its dividend and said the Irish market was now “on the right trajectory”.
London Named Best Overall City, Says New Report
On Monday, London was named as the best city for “economic clout” by a new industry survey. This means the U.K. capital steals New York’s top spot.
Dixons Retail to Divest Electroworld Business in Central Europe
UK’s Dixons Retail has agreed to divest its loss-making Electroworld business in central Europe to local rival NAY, ahead of its £3.7bn merger with telecommunication retailer Carphone Warehouse.
Unilever to Sell Sauce Brands to Mizkan for $2.15 Billion
Unilever (UNA) has said goodbye to its Ragu and Bertolli pasta sauce business, agreeing to unload it to Japanese food manufacturer Mizkan Group for about $2.15 billion.
C&C Profits From 30% Revenue Rise
Drinks group C&C has reported its fifth consecutive year of earnings growth, and is targeting a mid-single digit operating profit increase in its current financial year. The Dublin-based group — whose chief revenue streams are the Irish cider market and the Scottish lager market, via its Bulmers/Magners and Tennent’s brands, yesterday reported net revenue growth of 30%, to €620.2m for the 12 months to the end of February. Pre-tax profit grew by 6% to €116.2m, while pre-exceptional operating profit (integration costs led to an exceptional charge of nearly €21m) grew by 10.6% to €126.7m. Adjusted diluted earnings per share grew by just under 6% to 29.5c. Growth was mainly driven by the aforementioned Scottish and Irish divisions. In Ireland, C&C’s long alcoholic drinks volumes were up 1.1% and outperformed a flat market. Irish divisional operating profit rose by 9.4% to €43m, with net revenue up by 2.2% at €94.2m. Cider net revenue, alone, was up by nearly 2% in Ireland. While the Magners brand saw a 10% volume decline, C&C said its cider performance in Britain stabilised in the second half of the year. Net revenue in the UK Cider division fell by 15% to €112.8m, with operating profit down by nearly 30% to €20.7m, but Magners performed well and grew its market share in Scotland. Profits, at the group’s international export business, were up by nearly 70%; while management expressed confidence in its cider prospects in the US, despite under-performing the market in the past year.
C&C to Consider Share Buyback this Year
Stephen Glancey, chief executive of Bulmers maker C&C, told analysts it would consider launching a share buyback this year as its share price rose by more than 6 per cent.
Siemens to make Alstom Bid
Germany’s Siemens is currently working on a formal asset-swap offer for power business Alstom that could come to light later this week.
EU Regulators to Decide on Carphone-Dixons Deal by June 25th
European Union antitrust regulators will decide whether to clear the £3.8 billion ($6.40 billion) merger of British mobile phone retailer Carphone Warehouse and Dixons Retail, the European Commission said on Monday.
