With approximately 80% of C&C’s revenues derived from the hospitality sector which throughout FY2021 has either been in lockdown or trading under restrictions, the impact on the Group and results reported has been significant. As such, the key focus of the business has been on securing the near term through renegotiation of our banking covenants and a number of liquidity actions (detailed in the CEO and CFO Statements), with net debt and liquidity forming the key financial metrics during FY2021.
Despite the challenges, we remain committed to our business model and believe our core brands, critical infrastructure and relative position of strength in the market leaves C&C well positioned as the hospitality sector reopens. As such we view that the Key Performance Indicators (“KPIs”) reported in FY2020 will become the focus for the Board as trading builds over FY2022 and FY2023, for completeness these have been included separately below as a comparative.
Our priority remains the health and wellbeing of our stakeholders alongside continuing to deliver against our sustainability and social responsibility objectives.