Shares in C&C Group PLC (LON:CCR) frothed higher once again as the cider and lager maker repeated its target of double-digit earnings growth this year.
C&C, which owns the Magners cider and Tennent’s lager brands, said it had made a “solid start” to its new financial year.
READ: C&C's profits fizz thanks to hot summer and two "transformational acquisitions"
Last year’s results were boosted by the “transformational” acquisitions of Matthew Clark and Bibendum, which it salvaged from the wreckage of Conviviality last spring, and bosses expect a similar impact this time around.
“FY19 was a transformational year for the group,” said chief executive Stephen Glancey. “The acquisition and subsequent performance of Matthew Clark & Bibendum contributed to earnings growth of over 20%.”
He added: “Reflecting the inherent strength of the C&C business today, our objective is to again deliver double digit EPS growth in FY20. Thereafter, we will target EPS growth in a mid to high single digit range.”
Looking to join FTSE UK Index Series
The addition of Matthew Clark and Bibendum means the majority of C&C’s revenue and earnings comes from the UK.
As a result, it is seeking inclusion on the FTSE UK Index Series, which means it plans to cancel its listing on Euronext Dublin.
“C&C will remain domiciled and tax resident in Ireland, with its registered and corporate head office located in Dublin,” said the company in a statement.
“Moreover, the group retains a significant manufacturing, commercial and brand presence in Ireland.”
Shares were up 3.6% to €4.08 on Thursday morning.