C&C Group launches EUR 15m share buyback

(Sharecast News) - C&C Group announced the launch of a €15m share buyback programme on Thursday, beginning on the same day, as part of its broader plan to return up to €150m to shareholders over the financial years ending February 2025, 2026 and 2027. The FTSE 250 drinks company said the initiative reflected the board's confidence in the company's medium-term outlook and strong cash generation.

It said the programme marked the third tranche of C&C's capital return strategy, following two previous buybacks totalling €30m.

Shares repurchased under the current initiative would be cancelled, thus reducing the company's share capital.

The buyback would be executed by broker J&E Davy, acting independently under pre-set parameters.

C&C said the programme would run until 1 September, subject to market conditions.

It would be conducted under the authority granted at the August 2024 annual general meeting, allowing the repurchase of up to 10% of issued share capital, and in compliance with UK and EU market abuse and securities regulations.

C&C, which manufactures and distributes a portfolio of branded alcoholic and non-alcoholic beverages across the UK and Ireland, said the buyback represented the most effective use of capital in the current environment.

At 1119 BST, shares in C&C Group were up 4.8% at 144.2p.

Reporting by Josh White for Sharecast.com.