C&C’s FY 2018 results contained little by way of surprise with EBIT, EPS and net debt in line with our forecasts. Revenue trends for C&C’s pillar brands were broadly as expected, with total branded sales in Ireland and Great Britain increasing modestly. Commentary on the recently acquired Matthew Clark Bibendum (MCB) suggests good progress in the restoration and normalisation of operations. We believe the transaction has economic and strategic merits and will reshape the equity narrative. Current trading is in line with management expectations. We envisage no material change to forecasts.
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