C&C owns Tennent's lager in Scotland and Bulmers cider in Ireland, and it supplies drinks to about 22,000 pubs, restaurants and hotels across the UK and Ireland. After a 2024 accounting scandal, profit recovered to €77m in the year to February 2025, then slipped to €70m as hospitality demand weakened. The shares closed at 95p on 9 October 2026, against 177p in July 2025.
Brands that earn the margin, a wholesaler that earns the revenue
C&C is an Irish-incorporated, Dublin-headquartered group listed in London. It brews and packs drinks at Clonmel in Co. Tipperary and Wellpark in Glasgow. Its Branded business also covers Magners, Menabrea, Outcider, Orchard Pig and, since March 2026, Innis & Gunn.
The second arm is Distribution, which includes Matthew Clark Bibendum (MCB), a wholesaler of wine, spirits, beer and soft drinks to UK hospitality. It also includes the Tennent's and Bulmers Ireland distribution operations. C&C describes itself as the number one drinks distributor to UK and Irish hospitality.
The two arms differ sharply. In the first half of FY2026, Branded made a 15.7% operating margin on €170m of revenue. Distribution made 2.3% on €656m. Most of the revenue comes from the thin-margin wholesaler, and most of the margin comes from the brands. 28 Oct 2025 19 May 2026 6 Mar 2026
Accounting errors, a goodwill write-off and a new CEO
In May 2024 C&C postponed its FY2024 results pending an accounting review. On 7 June 2024 it reported €17m of prior-year adjustments, mostly inventory and balance-sheet items. It also took a €125m goodwill impairment, and the statutory operating result was an €84m loss. CEO Patrick McMahon stepped down immediately.
Chair Ralph Findlay took over as interim CEO. Shareholder Engine Capital pressed on board appointments, and in August 2024 the company agreed a cooperation deal with it and added a non-executive director with capital markets expertise. Roger White, who has brand, sales and operating experience, was named CEO in December 2024 and started on 20 January 2025. 10 May 2024 7 Jun 2024 8 Aug 2024 12 Dec 2024 28 May 2025
A profit recovery, with a target missed
Operating profit rose from €60m in FY2024 to €77m in FY2025. Management cited better customer service, a growing MCB customer base and supply-chain efficiencies. Margin reached 4.6%, up from 3.6%. The company had guided to €80m in October 2024 and landed slightly short.
Two changes took effect on 1 January 2025. C&C took back control of Magners cider in Great Britain, and AB InBev took over beer distribution in the Republic of Ireland. The Irish handover cut revenue. C&C also promised €150m of dividends and buybacks over FY2025 to FY2027, and it kept leverage near 1x EBITDA. 29 Oct 2024 9 Sep 2024 13 Mar 2025 28 May 2025 28 Oct 2025
Weak pubs, a profit warning and a strategy reset
In March 2025 management expected FY2026 earnings to be marginally ahead of FY2025. In September 2025 it said first-half earnings were in line, and the interims showed a margin of 5.1%. On 23 January 2026 it cut guidance to €70m-€73m. It blamed weak consumer demand and a worse product mix, as drinkers moved from wine and spirits to beer and cider.
FY2026 operating profit was €70.5m on revenue down 5.7% to €1,570m. Net debt rose to €121m, and leverage to 1.6x from 0.9x. The final dividend fell to 3.67c from 4.13c, which the company said was set mainly by distributable reserves. The shares fell from 177p in July 2025 to 109p in January 2026 and about 99p after the May 2026 results.
Management also dropped its 'One C&C' strategy. It is moving to two separate operating models: C&C Brands for growth and MCB for margin recovery. 13 Mar 2025 18 Sep 2025 28 Oct 2025 23 Jan 2026 19 May 2026
“C&C has been formed via numerous acquisitions over many years, and we have multiple business models operating within the Group structure.” 19 May 2026
Controls, guidance and an unfinished merger
The 2024 episode showed weak financial controls, and the company has since invested in systems and governance. Its operating targets have been harder to meet. FY2025 came in below the €80m guide, and FY2026 ended below the earlier plan for earnings to rise.
The CEO calls the old integrated model 'sub-optimal and complex'. Lower-margin wholesale and a fragile pub trade have weighed on profit. The brands have held up better: Tennent's and Bulmers grew net revenue in FY2026. 7 Jun 2024 13 Mar 2025 23 Jan 2026 19 May 2026
A refreshed team and a concentrated shareholder base
Roger White has run C&C since January 2025, with Ralph Findlay as non-executive Chair. More than half the Executive Committee joined within the past year. CFO Andrew Andrea left for Domino's Pizza Group, and Adam Phillips, from Headlam, became CFO on 13 April 2026. Karen Bates and Paul Graham joined as Chief People and Chief Commercial Officers.
The share register is concentrated. Brandes held 18% by June 2026, Artemis about 14%, FIL about 11% and Aberforth 9%. In January 2026, 20.5% of votes opposed an AGM resolution on share pre-emption rights. The company said it was engaging with those holders. 19 May 2026 18 Sep 2025 5 Feb 2026 9 Apr 2026 9 Jan 2026
Smaller revenue, steadier profit, two deals
In March 2026 C&C bought the Innis & Gunn brand and global IP from administrators for £4.5m. It expects a small positive contribution in FY2027. On 11 September 2026 it said it was buying Asahi UK's wholesale businesses for nominal consideration, to fold into MCB.
The same update put first-half FY2027 net revenue 3% below last year. Branded revenue was up 2% and Distribution down 4%. It expects first-half underlying operating profit of €43m-€44m, against €41.9m a year earlier. Returns to shareholders reached €105m by the FY2026 final dividend, against a €150m plan to FY2027. Bank facilities run to 2030. 6 Mar 2026 11 Sep 2026 19 May 2026 28 Oct 2025
A lower profit goal, set further out
In October 2024 the company retained a target of €100m operating profit in FY2027. In March 2025 it called that objective 'medium-term'. On 24 September 2026 it replaced it with €85m operating profit by FY2030. It also set a goal of more than €100m cumulative free cash flow over FY28-FY30, after lease and exceptional costs, with leverage of 1.0x to 1.5x.
For the current year, management said in May 2026 that it expects to meet its full-year objectives. It also said the summer trading months and unstable consumer demand make forecasting hard. Interim results are due on 28 October 2026. 29 Oct 2024 13 Mar 2025 24 Sep 2026 19 May 2026 11 Sep 2026
Written by AI from C&C Group (CDI)'s own announcements since Oct 2023 · every paragraph links to its sources