UK: Britvic stays upbeat on FY, despite weather
Britvic has said it remains upbeat about this year, despite current weather conditions threatening business.
The soft drinks company, which recently purchased C&C's soft drinks business (CCSD) in Ireland and Northern Ireland, said that, despite experiencing poor weather during May, June and July, it is confident of meeting its yearly targets.
"Our continued focus on costs and promotional efficiency, which has led to an improved average realised price, combined with strong first half results, means that, excluding any contribution from CCSD, we remain confident that the result for the year will be within the range of current market expectations," the company said.
Britvic will issue an update on trading over the 52 weeks to 30 September will be issued on 17 October.
The news comes as the drinks group has had its share coverage raised, with its rating upped from 'reduce' to 'hold' by Altium Securities today (15 August). The broker said that its estimates were about 7% below that of market consensus.
Britvic recently spent EUR249.2m (US$337.5m) on C&C's soft drinks and distribution business. Among the brands involved in the deal are Ballygowan water, Cidona, MiWadi, and Energise Sport. Britvic also takes control of the rights to Pepsi and 7Up brands in the countries.
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