UK: Poor weather in UK fails to stem Britvic growth
- Net profits perform well, increasing by 18.3% to GBP18.7m (US$29.4m)
- Sales for 28 weeks to 15 April edge up by 1.7% to GBP641.1m
- Operating profits rise by 17.5% to GBP40.8m
- International performance continues to shine, with double-digit sales growth
Britvic released its latest set of results earlier today (24 May)
Britvic's continuing US expansion has helped overall profits rise in the past seven months, despite recent poor weather hitting its UK sales, the company said today (24 May).
Net profits in the 28 weeks to 15 April were up 18.3% to GBP18.7m (US$29.4m), while sales were up 1.7% to GBP 641.1m. Operating profits rose 17.5% to GBP40.8m.
In its international markets, the soft drinks firm posted double-digit revenue growth. In the US, this has been driven by sales of Fruit Shoot and expansion into more states, including Texas, the company said. Britvic now has a presence in eight US states.
In France, revenue was up 6.4% led by strong price growth, while in the UK, the company saw revenue growth of 2.4% led by carbonates, which grew by 6.7%, gaining further market share.
However, volumes in Britvic's UK stills market were down 11.3% year-on-year.
Paul Moody, Britvic's chief executive, said despite a “challenging economic environment” the company had “delivered a robust performance and made encouraging progress on key initiatives”.
He added: “Although the GB soft drinks market in April and early May has been adversely impacted by the poor weather, Britvic has continued to grow market share.”
On future prospects, Moody added: “With the key summer months ahead, we currently, remain comfortable with delivering the full-year performance in line with our expectations.”
To read the company's official announcement, click here.
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