Bulmers C&C maker plans to purchase €15m of its own shares
Pic: Alcoholic The Announced The C&c Maker Shares In Drinks Shy Early Trading Of Just 2% Plan Jumped Nash Claire After
Bulmers maker C&C launched a programme to buy back €15m of its own shares as the company said it is confident about the outlook in the medium term.
The owners of the Tennent's and Magners brands said the programme forms part of the firm's plan to return up to €150m to shareholders over the next three fiscal years through a combination of dividends and share buybacks.
The programme will be conducted by Davy and begin on March 1 and end on June 30.
C&C shares jumped just shy of 2% in early trading after the alcoholic drinks maker announced the plan.
Earlier this year the company said trading over the key Christmas period was “resilient” despite some adverse challenges including poor weather conditions.
"While current market conditions remain challenging, mitigating inflationary impacts, improved operating efficiency, business simplification, and gaining customers continue to be the Group’s operating priorities in the medium term," the company said in a statement in January.
C&C forecasted that full-year underlying operating profit is expected to be in line with current market expectations.
The company will post full earnings for the most recent financial year in May.
In the previous year, C&C posted a sharp rise in annual profits, driven by a series of price increases in an inflationary environment.