UK: Britvic "confident" despite slide in revenues
UK soft drinks group Britvic is "confident" it has delivered half-year profits in line with market expectations.
In a trading update today (4 April), Britvic said that consumer demand for "better for you" products continued to rise, hitting sales of carbonated soft drinks. However, the company added, the decline in sales in full-sugar CSDs was "stabilising".
Britvic, whose portfolio includes brands such as Tango and J2O, saw branded revenues fall 3.4% during the 24 weeks to 19 March due, the company said, to the timing of Easter this year and the "unseasonably" recent cold weather in the UK.
The company warned that first-half EBIT margins would be down 1% on last year due to lower volumes and rising energy costs.
Britvic CEO Paul Moody said: "We continue to focus on driving revenue through core brand activity, successful new product launches and increasing our average realised price. Alongside this we are concentrating on reducing costs, with a full year target of at least GBP10m (US$17.4m), improving our cash position and reducing working capital. We continue to maintain a strong market share performance in many of our key categories and look forward to a stronger second half."
The company will report its first half-year figures on 25 May.
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