C&C ‘confident’ of full-year earnings growth despite consumer headwinds

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Feargal-Orourke

Bulmers owner appoints Feargal O’Rourke as independent director after months of boardroom upheaval

On Thursday, C&C reaffirmed its full-year guidance and its commitment to delivering €150 million to shareholders over the next three years in buybacks and dividends.

Drinks group C&C said it remains confident that it can deliver strong earnings growth this year despite significant boardroom upheaval and headwinds on the consumer front. In a trading update ahead of its annual general meeting on Thursday, the Bulmers owner also said it has appointed IDA Ireland chairman Feargal O’Rourke to the board as a non-executive director. Mr O’Rourke, the former managing partner of PwC Ireland, will join the board as an independent appointee and will also join the audit committee.

Governance at the drinks group has been in the spotlight since June when chief executive Patrick McMahon, who had been in the role for only a year, resigned abruptly as C&C restated three years of its earnings resulting in an underlying charge of €5 million. On Thursday, the group reaffirmed its full-year guidance and its commitment to delivering €150 million to shareholders over the next three years in buybacks and dividends.

 

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