Bulmers owner to cancel Irish listing
C&C, whose brands include Bulmers cider and Five Lamps, is to cancel its listing and trading on Euronext Dublin to facilitate inclusion in the FTSE UK Index Series.
Following from the acquisition of Matthew Clark and Bibendum, a majority of the group’s revenues, earnings and activities are now derived in the UK, the company said in a trading update.
C&C is currently listed and traded on the premium segment of The London Stock Exchange.
The group said it will remain domiciled and a tax resident in Ireland.
In addition, it will retain a “significant” manufacturing, commercial and brand presence here.
Stephen Glancey, chief executive of C&C, said: "Of the €1.5bn turnover, €1.3 of it's in the UK. That's a reflection of where the market is.”
“The Dublin market is Euronext, we don't have a lot of European shareholders, the biggest proportion of our shareholders are in the UK, and all the stuff with Brexit impacts them. There's a bit in this of making sure that we're covering options when Brexit happens.”
“But equally the liquidity flow in that market is much deeper. We'll attract new shareholders into to the stock. And it's a well trodden path. We stayed in 2009 and 2010, after the crash, when other people left, we stayed on. The scale of our business and our proximity to the UK now means it's sensible for us to do it."
So far this year C&C said it is trading “in line with expectations”.
The group is targeting earnings per share growth in a mid to high single digit range for financial year 2020.
“Financial year 2019 was a transformational year for the group,” Mr Glancy said.
“The acquisition and subsequent performance of Matthew Clark & Bibendum contributed to earnings growth of over 20pc. Reflecting the inherent strength of the C&C business today, our objective is to again deliver double digit earnings per share growth in financial year 2020.”