C&C doubles executive pay to €5m

Breakingnews

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06 June 2019 18:26

Drinks group C&C effectively doubled — to almost €5m — combined pay to its executive management team last year, according to its annual report.

The overall rise in pay was heavily driven by a surge in annual bonuses, but also rises in basic salaries and redundancy payments.

Despite his basic salary staying largely flat at €675,000, chief executive Stephen Glancey’s overall pay ballooned nearly 80% to almost €1.8m driven by a surge in annual bonus from €97,000 to €540,000.

The group —chiefly known for its twin Bulmers/Magners cider brands and Tennent’s lager — recently reported strong figures for its 2018/’19 financial year; noting a 3.2% organic rise in net revenues to €1.57bn and a similar increase in operating profit to €104.5m.

The jump in executive pay also included basic salary increases for chief operating officer Andrea Pozzi and chief financial officer Jonathan Solesbury, who joined the board in late 2017.

The former head of C&C’s international division Joris Brams — who left the group at the close of the group’s financial year at the end of February — was paid €72,000 in redundancy and €401,534 in lieu of his notice period.

All executive directors saw large surges in their annual bonuses last year.

In its annual results, C&C said Bulmers, Magners and Tennent’s saw revenue growth of over 5% in their respective core markets of Ireland, England and Scotland last year. The group said it had seen a strong start to its financial year and is targeting double-digit growth in earnings per share this year and mid-to-high single digit growth thereafter.

Last year’s figures were helped by the group’s two most recent UK acquisitions — distribution business Matthew Clark and Bibendum and pub group Admiral Taverns. C&C expects to see a further boost to its Irish sales off the back of the Rugby World Cup which takes place later this year.

ORIGINAL POST

breakingnews business added by Rajan Marshall

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