• Nine-month net profits jump 276% to EUR64.8m
  • Adjusted net profit increases 15%
  • Net sales up 2% to EUR1.58bn
  • Operating profits (EBITDA) climbs 17% to EUR166.5m
  • Volumes edge up 2% to 4.9bn litres
Refresco has made a number of acquisitions recently

Refresco has made a number of acquisitions recently

A strong third quarter has jump-started European soft drinks producer Refresco's nine-month results.

Adjusted net profit increased 15% to EUR67.8m (US$73m) in the year to the end of September, the group said last week. Reported net profits surged 276% on the back of a number of acquisitions last year, said the company, which completed a deal for US bottler Whitlock Packaging in September.

Net sales were up 2% to EUR1.58bn in the nine-month period while operating profits (EBITDA) climbed 17% to EUR166.5m. The increases follow a flat sales and volumes performance for Refresco in the first half.

Refresco's CEO, Hans Roelofs, said: "Our total volume and results developed favourably in the quarter. Volume growth was primarily driven by recent acquisitions and our strategy to rapidly grow the co-packing business. Strong comparatives last year, linked to good weather, and our earlier decision to discontinue low margin-large volume contracts was reflected in our lower private-label volumes in the third quarter. The strong growth in co-packing especially has helped us to slightly outperform the soft drinks market in Europe on a like-for-like basis."

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