UK: Britvic delivers double digit growth
Britvic said it put in another strong performance during the period
UK soft drinks firm Britvic has delivered double digit profits growth in what it described as a tough half-year period.
For the 28 weeks ended 11 April the company reported profits before exceptional items of GBP20.5m (US$29.7m), compared to GBP14.8m in the prior year.
The Tango and Robinsons producer reported a 4.6% increase in sales to GBP505.3m, which was driven by an 11% rise in carbonates sold in the UK and a 5.5% increase in the company’s home-based stills market.
Paul Moody, Britvic CEO, said: “Britvic has put in another strong performance during the period, delivering double-digit growth in both operating profit and earnings. Whilst the severe winter weather and tough comparable period in the prior period contributed to a slowing in GB/International revenue growth in the second quarter; our brands have continued to take market share across key categories.”
Moody said trading conditions in Ireland remain difficult with consumers focused on price.
“During the period we saw sustained market growth in GB, and recent conditions across the wider market have continued to demonstrate elements of recovery. However visibility in both GB and Ireland beyond the short-term remains limited,” Moody added.
Group operating profits for the half-year rose by 28% to GBP40.7m, reflecting strong growth in GB and a flat performance in Ireland.
The firm, which also holds the licence to PepsiCo drinks in the UK and Ireland, said it is confident of meeting its full-year expectations.
Britvic this morning announced it has submitted a binding offer for the acquisition of independent French soft drinks maker Fruité for EUR237m (US$294m).
Click here to view the full earnings release.
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