• H1 net profits up 11% to GBP27.5m (US$46.4m)
  • Net sales up 5% to GBP670.7m
  • Operating profits up 6.6% to GBP50.3m
  • GB carbonate volumes up 6%
Britvic has seen H1 sales and profits rise

Britvic has seen H1 sales and profits rise

Britvic has continued its turnaround as rising sales in the UK and France saw first-half profits jump.

Net profits were up 11% to GBP27.5m (US$46.4m) in the 28 weeks to 13 April, the group said today (21 May). Net sales climbed by 5% to GBP670.7m, while operating profits increased 6.6% to GBP50.3m.

Sales in the UK were up by 5% driven by a 7% sales jump in carbonates. UK carbonate volumes, meanwhile, were up by 6%, though UK stills volumes fell by 2%. France sales increased by 7%, Ireland was down 5%.

The healthy results come two years after the company lost an estimated GBP25m in a recall of Fruit Shoot caused by a faulty cap design. The recall coincided with falls in sales and profits, but the company has since rejected a merger with AG Barr and embarked on a GBP30m cost cutting programme.

Simon Litherland, Britvic's CEO, said today the programme is on-track, while plans to manufacturer Fruit Shoot in India are “imminent”. A Fruit Shoot roll out in the US now has nation-wide distribution, up from the 41 states covered previously.

“This has been another period of solid progress for our business, as we continue to implement the strategy we announced last year,” Litherland said. “We have delivered strong revenue, profit and margin growth in the first half of the year and our cost saving programme continues to gain traction across our business.”

The CEO added that Britvic expects to deliver EBIT in the range of GBP148m to GBP156m for the full year.

Britvic's share price had jumped 4.6% as of 9:50am today.

To read the company's full results, click here.