Drinks maker C&C has delayed announcing its full-year earnings, as it needs to complete a review of accounting issues tied to past years.
The owner of the Bulmers brand in Ireland is deferring its earnings announcement, scheduled for May 23rd, it said. It did not give a new publication date, adding it will be provided “as soon as possible.”
The stock fell as much as 3 per cent in London before recovering most of its losses in late trading to end the day flat. The shares are up about 14.8 per cent over the last year.
“Whilst the preparation of the group’s annual report and accounts for FY2024 is well advanced, additional time is required to complete a review of certain non-cash accounting measurements relating to previous financial periods,” it said.
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It is understood the issue does not relate to the financial year that ended in February this year. Instead, the issue is thought to be tied to how certain assets were valued in years prior.
A C&C spokesman declined to comment beyond the company statement.
The company hired industry veteran Andrew Andrea as chief financial officer from the start of March. Patrick McMahon had been in the role since mid-2020 and retained the position after he became chief executive in May 2023.
C&C, which counts Tennent’s lager among its other brands, reaffirmed it expects to post an underlying profit of about €60 million for its financial year, which runs until the end of February.
“With increasing confidence in the medium-term outlook for the business, together with its strong cash generation and conversion, C&C also reaffirms its intention to return €150 million to shareholders over the next three years within its stated leverage range,” it said.
“While the delay in reporting FY24 results is unhelpful and is likely to weigh somewhat on shares this morning, it is reassuring to note that the FY24 profit and three-year shareholder return guidance have been reiterated,” Goodbody analyst Patrick Higgins said.
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