C&C executives’ pay falls on missed bonus targets

The Bulmers/Magners cidermaker C&C has vowed not to adopt a “defensive position” despite challenging market conditions, and says it will seek out acquisitions or implement more share buybacks if it cannot find buyout targets.

In its annual report released on Thursday morning, C&C said it spent €23.2 million on share buybacks in the full year to the end of February. It has spent a further €18.7 million buying back shares in the three months since, it said.

The company’s revenues for the year totalled €818 million, down from €947 million, while operating profits were €95 million, down from €103 million.

The company reiterated that its “home” markets of Ireland and the UK were stable, while its US business had been hit by competition for flavoured beers and other sweet drinks.

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The challenging conditions hit the pay packets of its senior management, who failed to make their annual bonus targets.

Stephen Glancey, the chief executive, saw his pay packet fall from €1.23 million to €1.05 million. Kenny Neison, the chief financial officer, had his pay reduced from €882,000 to €759,000.

Mr Glancey predicted that the competition in the US for its cider products from sweeter drinks was a “fad” that would pass.