C&C is determined to float business

C&C GROUP plc is determined to float the business on the Irish and London stock markets despite last year’s cancelled flotation.

C&C, owner of top brands Bulmers, Ballygowan, Club Orange and Tayto, is 90%-owned by private equity group BC Capital.

It was expected to have a post-flotation value of close to 1.5 billion.

C&C chief executive Maurice Pratt said that while he would not be drawn on a timeframe for a fresh IPO bid, he said that once market conditions for the issuing of new shares were right it would take the company as little as two months to put a new IPO in place.

“It is impossible to know when market conditions will be right,” he said.

Mr Pratt said as a private company they are not commenting on pensions issues, but stressed that there was nothing material on that front.

He said the company continues to look for suitable acquisitions and had walked away from some prospects.

C&C yesterday reported results for the 18 months to the end of February which indicate that on an annualised basis, turnover was up 11% with operating profits down by 3.5%.

The 18-month trading period makes comparison with the 12 months prior to that difficult. In a note with the accounts, C&C explained its reasons for changing its year end to February.

“This action was taken to avoid the financial year ending at the peak selling season for its largest brand, Bulmers.”

However, operating profit margins declined over the 18 months from 17.6% to 15.3%.