DAVY VIEW

Prior year adjustments and management changes mark another challenging update for C&C shareholders to absorb. The Board’s commentary is unambiguous, noting failures in the group’s reporting framework and errors of judgment. The cumulative quantum of the prior year underlying restatement is €5m, covering the periods FY23, FY22 and FY21. The statement notes no changes to the group’s expected earnings. We don’t envisage material changes to forward estimates for EBIT, cash and capital returns. Commentary on the current trading suggests an encouraging start to the year. In addition to his duties as Chair of the Board, Ralph Findlay has been appointed as Group CEO.