C&C

H1 2019: resilient core; continued momentum at MCB; good cash delivery

  • Sectors : Beverage
  • Companies : C&C

Ratings and price correct at time of issue.

  • C&C

    Closing Price: 362.5p

  • RATING 30/06/09

  • PREVIOUS RATING N/A

DAVY VIEW

C&C’s interim update confirms significant operational progress at Matthew Clark Bibendum (MCB) and that it is on track to meet its stated MCB margin target. EBIT delivery for core markets is stable and consistent with our expectations. Earnings progress is congruent with impressive working capital management – improving cash metrics at MCB adds further credence to deal merits from both a strategic and financial perspective. We envisage no material change to forecasts.

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Oct 24 2019, 07:15 IST/BST

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