Tennents owner C&C Group has said that its group earnings have been 'in line with expectations' in its financial year to date, despite poor weather impacting sales in June.
The group made the announcement in a trading update to coincide with its AGM.
Earnings Expectations
It added that it remains 'confident' of achieving its earnings expectations for the year, 'reflecting significant growth relative to FY2024'. It also plans to recommence the second tranche of its €15 million share buyback programme from 1 September.
C&C Group had previously announced its plan to return at least €150 million to shareholders over the three fiscal years ending in February 2025, 2026, and 2027. This return will be executed through a combination of share buybacks, dividends, and special dividends.
At the AGM, subject to shareholder approval, the directors proposed a final dividend of 3.97 cents per share. This follows an interim dividend of 1.89 cents per share, paid in December, bringing the total dividend for the full year to 5.86 cents per share.
Feargal O'Rourke
Elsewhere, C&C Group has announced the appointment of Feargal O'Rourke, a former managing partner at PwC, as an independent, non-executive director on its board, as well as a position on the drinks group's audit committee.
"Feargal brings valuable expertise to C&C having advised companies on a broad range of corporate, financial and taxation considerations over a long and esteemed career in PwC," commented Ralph Findlay, C&C group chair and chief executive. "We look forward to the contribution he will make to the C&C board in the period ahead as we pursue our strategic, financial and ESG ambitions."
