Why has a public company missed arguably its most important accounting deadline of the year?
It’s a while since C&C was in the news over here. The drinks maker, which counts Bulmers cider in Ireland, Magners in the UK and Tennent’s lager among its many brands, has somewhat faded from view since it shifted its stock market listing to the UK from Ireland in 2019. It remains however, very much an Irish company.
C&C bosses would have known well in advance when the results were due. The earnings would have been worked on for weeks ahead of time. Needing to push back because of an accounting issue – C&C said the delay was due to the company needing more time to finish “a review of certain non-cash accounting measurements relating to previous financial periods” – is a concern regardless of how much money is ultimately at stake.
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