C&C Group (CDI)

CCR · Main Market · Food, Beverage and Tobacco · mcap £361m · 95.0p

C&C Group owns drinks brands such as Magners, Bulmers and Tennent's. It also distributes drinks to pubs and restaurants through Matthew Clark Bibendum in Great Britain and Ireland.

Target	Promise	Said	Status
2024
FY2024	FY2024 underlying operating profit of about €60m, in line with expectations.	10 May 2024	✓ Kept
	Result FY2024 underlying operating profit was €60m, in line with expectations. “Operating profit before exceptional items in the year is expected to be €60m and overall earnings before exceptional items, finance income & expense, tax, depreciation and amortisation charges are anticipated to be €94m.”7 Jun 2024 · Summary of FY2024 Unaudited Financial Performance
1 Sep 2024	Start the next €15m buyback tranche from 1 September 2024.	7 Jun 2024	✓ Kept
	“Commence next €15m tranche of buyback from 1 September 2024” Result A €15m buyback programme was launched on 9 September 2024. 9 Sep 2024 · C&C Group launches share buy-back of up to EUR 15m
2025
FY2025	Achieve FY2025 earnings expectations, an €80m operating profit target.	15 Aug 2024	◐ Partly kept
	“On track to achieve €80m operating profit for FY2025 with cost efficiencies in H1 to further enhance margins in H2.” Also stated 9 Sep 2024 · 29 Oct 2024 Status so far FY2025 operating profit was €77.1m, versus €80m target; March 2025 guidance of €76-78m was modestly below target. “On track to achieve €80m operating profit for FY2025 with cost efficiencies in H1 to further enhance margins in H2.”29 Oct 2024 · Half-year Results “Operating profit(i) was €77.1m (FY2024: €60.0m), representing a significant recovery in year-on-year earnings.”28 May 2025 · Final Results
2026
FY2026	FY2026 earnings marginally ahead of FY2025.	13 Mar 2025	✗ Missed · target changed
	“We expect earnings in FY2026 to be marginally ahead of FY2025” Result January 2026 profit warning guided €70-73m, below FY2025's €77.1m; actual was €70.5m. “the Group now expects adjusted operating profit to be in the range of €70m - €73m”23 Jan 2026 · FY26 Trading Update “Operating profit before exceptional items was €70.5 million”19 May 2026 · Final Results
FY2026	Maintain full-year FY2026 earnings expectations.	28 Oct 2025	✗ Missed · target changed
	“full-year earnings expectations maintained” Result January 2026 guidance of €70-73m was below expectations. “the Group now expects adjusted operating profit to be in the range of €70m - €73m”23 Jan 2026 · FY26 Trading Update
FY2026	Implement data integration platform and accounting reconciliation tools by end of FY2026.	28 Oct 2025	… In progress
	“targeted to be implemented by the end of the current financial year” Status so far Not yet due.
Today · 10 Oct 2026
2027
FY2027 (Feb 2027)	Return at least €150m to shareholders through dividends and buybacks over three fiscal years to FY27, keeping leverage near 1x.	21 Feb 2024	✓ Kept
	“€150.0m has been returned to Shareholders through a combination of dividends and share buybacks, over the three fiscal years FY2025 to FY2027.” Also stated 7 Jun 2024 · 28 May 2025 Result May 2025 results said €150.0m had been returned; January 2026 update cited €92m completed and reiterated the €150m total. “The Board remains committed to its capital return plans of returning a total of €150m over the previously announced timescale with €92m already returned as reported in our interim results.”23 Jan 2026 · FY26 Trading Update
FY2027	Reach €100m operating profit by FY2027, later described as medium-term.	9 Sep 2024	✗ Missed · target changed
	“We retain a target of €100m operating profit in FY2027.” Also stated 29 Oct 2024 · 13 Mar 2025 Result September 2026 set a lower €85m operating profit target for FY30, replacing the €100m aim. “The Group remains well-positioned to navigate these challenging conditions and our previously stated objective to deliver €100m EBIT remains in place over the medium-term.”13 Mar 2025 · Trading Update “FY30 operating profit target of €85 million”24 Sep 2026 · Capital Markets Day
FY27	Innis & Gunn acquisition to make a small positive contribution in FY27.	6 Mar 2026	… In progress
	“We expect this Acquisition to make a small positive contribution to our overall financial performance in FY27.” Status so far Not yet due.
FY2027	Meet FY2027 financial objectives and make substantial strategic progress.	19 May 2026	… In progress
	“we currently expect to meet full-year financial objectives, alongside delivering substantial progress in the development and delivery of our refreshed strategic framework” Status so far Not yet due.
FY27	Asahi UK: majority of transitions in coming weeks; small positive FY27 contribution to MCB.	11 Sep 2026	… In progress
	“the acquisition to make a small positive contribution to the overall financial performance of MCB in FY27” Status so far Not yet due.
2030
FY30	Achieve €85m operating profit by FY30.	24 Sep 2026	… In progress
	“FY30 operating profit target of €85 million” Status so far Not yet due.
FY30	Generate over €100m cumulative free cash flow over FY28-FY30.	24 Sep 2026	… In progress
	“More than €100 million of cumulative free cash flow (net of lease costs and exceptional costs) generation over FY28-FY30” Status so far Not yet due.