C&C Group (CDI) (CCR): Earnings guidance downgrade and Distribution margin rebuild
This situation live
CCR C&C Group (CDI)
23 Jan 2026 · FY26 profit cut; FY27 guided flat · +0% until the next step
The Group will provide a fuller update on trading, along with an update on its future strategic direction, in May 2026 as previously disclosed.
19 May 2026 · FY26 delivered inside cut range; FY27 objectives expected · −12% until the next step
we currently expect to meet full-year financial objectives
11 Sep 2026 · H1 profit €43-44m in line; full year on track · +3% since
Underlying operating profit for the first half is anticipated to be in the range of €43-44m, in line with our expectations.
Earnings guidance downgrade and Distribution margin rebuild
H1 profit €43-44m in line; full year on track
OCT28
Next: Interim results in 4 days
Every step · 3
- 23 Jan 2026 FY26 profit cut; FY27 guided flat – The Group will provide a fuller update on trading, along with an update on its future strategic direction, in May 2026 as previously disclosed. ↗
- 19 May 2026 FY26 delivered inside cut range; FY27 objectives expected – we currently expect to meet full-year financial objectives ↗
- 11 Sep 2026 H1 profit €43-44m in line; full year on track – Underlying operating profit for the first half is anticipated to be in the range of €43-44m, in line with our expectations. ↗
What is happening
C&C Group (CDI): Earnings guidance downgrade and Distribution margin rebuild – H1 profit €43-44m in line; full year on track. ['H1 profit €43-44m in line; full year on track']
- In short
- January's guidance cut was confirmed by FY26 operating profit of €70.5m. The 11 September 2026 update says the half to August is in line, with H1 underlying operating profit expected at €43-44m and full-year profit on track with market expectations. Distribution revenue is down 4%; Christmas trading is still ahead.
- Announced
- 23 Jan 2026 · FY26 profit cut; FY27 guided flat
- Latest
- 11 Sep 2026 · H1 profit €43-44m in line; full year on track
- FY26 profit
- Operating profit before exceptionals €70.5m (FY25: €77.1m); guided €70m-€73m in January
- Leverage
- 1.6x (FY25: 0.9x); net debt €121.4m
- Dividend
- Final 3.67c (FY25: 4.13c), set principally by distributable reserves
- Current trading
- Since period end in line with expectations; summer months still ahead
- Next milestone
- Interim results on 28 October 2026
- H1 profit
- Underlying operating profit expected €43-44m, in line with expectations
- H1 revenue
- Net revenues down 3%; Branded +2%, Distribution -4% (constant currency)
- Full year
- On track for operating profit in line with market expectations
What comes next
Interim results (28 Oct 2026).
Briefing
C&C Group (CDI) in 4 minutes
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...
- Act 1Accounting errors, a goodwill write-off and a new CEO
- Act 2A profit recovery, with a target missed
- Act 3Weak pubs, a profit warning and a strategy reset
From the company's own announcements. Not investment advice.
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