Bulmers cider manufacturer C&C Group has said that it is anticipating an increase in net revenue for its 2023 financial year.
Anticipated Net Revenue Figures
In a trading and profit guidance update published on C&CGroupplc.com/investors/regulatory-news/ for the financial year ended 28 February 2023, C&C said that it expects to report net revenues of approximately €1.685 billion for FY2023, which would be an year on year increase of 18%, with volumes expected to increase by 4%.
Anticipated Operating Profit Figure And Core Brands' Performances
C&C said that it expects an $84 million operating profit for FY2023, which would be up from €48 million in FY2022, and that it is pleased with the performances of its core Bulmers and Tennent's, with both brands continuing to grow their category share in the latest MAT volume data, despite the trading backdrop being challenging.
Balance Sheet And Cash Generating Capabilities
C&C also stated that its balance sheet strength and robust cash generating capabilities are reflected in a reduction in net debt to approximately €150 million and a leverage multiple of 1.3x, down from €271 million and 3.4x, respectively, at FY2022's conclusion, and that, considering the balance sheet and cash flow generation strength, it is planning to recommence dividend payments following the announcement of its FY2023 results and will evaluate the potential for further capital returns to shareholders in due course.
Release For Full Year Results For The 2023 Financial Year
C&C's full year results for its 2023 financial year are due to be released on Wednesday 24 May 2023, along with a full update on the group's progress on strategic objectives at that point.
Read More: C&C Publishes Trading Update
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