C&C - Positive start to FY2023

Davy Research
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Having pre-announced on March 16th, the FY2022 EBIT out-turn was modestly above the guided range. Commentary on current trading is positive, we expect net revenue for March/April 12% ahead of pre-COVID levels. Separately, C&C has announced the disposal of its interest in Admiral Taverns. We envisage no material change to our FY2023 and FY2024 EBIT forecasts. C&C will host a Capital Markets Day at 13:30 GMT today.