C&C seeks inclusion in FTSE UK Index Series
By Maurice Garvey
THE Bulmers/Magners cidermaker C&C is seeking inclusion in the FTSE UK Index Series and will delist from the Euronext Dublin exchange in due course.
The group said it was making the move following from the acquisition of Matthew Clark and Bibendum, as a majority of their revenues, earnings and activities are now concentrated in the UK.
Stephen Glancey, Group Chief Executive
In order to facilitate the entry into the FTSE UK Index Series, C&C intends to apply for the cancellation of the listing and trading of C&C shares on Euronext Dublin.
C&C is currently listed and traded on the premium segment of The London Stock Exchange, but will remain domiciled and tax resident in Ireland, with its registered and corporate head office located at Keeper Road, Crumlin.
The group said they retain a significant manufacturing, commercial and brand presence in Ireland.
C&C also said that it had made a solid start to its new fiscal year with trading to date in line with current market expectations.
In a statement issued ahead of its AGM, C&C said that 2019 was a transformational year for the group.
Stephen Glancey, Group Chief Executive, said: “FY19 was a transformational year for the Group. The acquisition and subsequent performance of Matthew Clark & Bibendum contributed to earnings growth of over 20 per cent. Reflecting the inherent strength of the C&C business today, our objective is to again deliver double digit EPS growth in FY20. Thereafter, we will target EPS growth in a mid to high single digit range.”
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