Focus - Britvic's Q2 & H1 Performance by Region, Category
Britvic released its H1 results today
Britvic posted a rise in sales and profits in its first-half results today (21 May). Here just-drinks takes a closer look at the company's performance by category and region in the 28-week period.
H1 sales rose by 2.3% thanks to growth in Q2 of 4.4% and despite a 2% volumes drop. Fruit Shoot continued to see volumes and value growth. The overall volumes decline was driven by Robinsons and J20. Q2 saw the launch of Robinsons Squash'd, a flavoured water enhancer in a 6.6cl pack.
H1 sales were up by 7%, while Q2 “in particular was very strong” at 11% sales growth, Britvic said. “This year each of our key brands has delivered revenue growth,” the company added. There was also an increase in advertising & promotions (A&P) spend, which saw margins fall by 80 basis points.
A 2.5% volumes decline was blamed on pricing action taken on low-margin exports. Expansion in the US over the past 12 months has led to a doubling of concentrate sales, while the expansion of Fruit Shoot in the US and other markets has been supported by a planned increase in A&P. As part of a new operating model, responsibility for France exports has been transferred to the international business.
Britvic said market conditions in Ireland “remained difficult” as volumes increased by 1% and sales slipped 5%. The “modest” volume growth was outweighed by the impact of promotional activity and channel mix, the company added. “In carbonates the market has been particularly competitive whilst key categories such as dilutables and kids drinks have both seen value and volume decline in the last quarter,” it said.
Britvic described its performance in France as “excellent”, with volumes up 5.4% and sales up 7%. Fruit Shoot “had a strong first half”, and is now the number one brand in the category by value, Britvic said.
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