UK: Britvic FY profits up, outlook positive
- Full-year net profits grow by 1.4% to GBP77.9m (US$121.3m)
- EBITDA climbs by 4.8% to GBP138.1m
- Net sales increase by 15.1% to GBP1.29bn
- Confident of delivering "another solid set of results for the year ahead"
Britvic's profits climbed by 1.4% in fiscal 2011
Britvic has recorded an increase in full-year profits and said that it is confident on the year ahead, despite a continued challenging financial environment.
For the year to 2 October, net profits grew by 1.4% to GBP77.9m (US$121.3m). EBITDA in the period increased by 4.8% to GBP138.1m, the Fruit Shoot maker said today (30 November).
Full-year sales amounted to GBP1.29bn, a 15.1% increase on the comparable period last year. The figure was boosted by sales and volume growth in all of the firm's units. The company also attributed the growth to continued innovation and revenue management.
"The political, financial and social environment in which we operate will remain challenging, but we are confident in our ability to compete strongly and to deliver another solid set of results for the year ahead, in line with our expectations,” said Britvic's chief executive, Paul Moody.
The company added that it has signed three agreements, including one with Pepsi Bottling Ventures (PBV) – the largest independent Pepsi bottler in the US - for the distribution of its Fruit Shoot brand in six US states.
“The announcement today ... gives us material additional territories, new distribution partners and, significantly, an agreement with PBV to begin production in the US; important steps towards realising our ambitions for Fruit Shoot,” Moody added.
Britvic raised its full-year dividend by 6% to 17.7 pence and predicted that its pension funding partnership would be in place by the end of 2011.
Click here to view the earnings release.
To view an interview with Moody, click here.
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