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UK: Weak Ireland offsets GB growth for Britvic

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Britvic has warned that the performance of its recently-purchased Irish unit will hold back trading in its current financial year.

The UK-based soft drinks company, which acquired C&C Group's soft drinks business in the Republic of Ireland and Ireland last May, said yesterday (9 September) that operating profit from Britvic Ireland in the current financial year is expected to come in below consensus expectations.

"Conditions have been more difficult in Ireland and the consequent impact on consumer behaviour and the soft drinks market are adversely affecting Britvic Ireland's performance," the company said.

Britvic noted, however, that the trading performance in the GB and International in the second half has been "better than expected". Subsequently, the company said that operating profit from GB and International will be ahead of market expectations for the current financial year.

The "resilient performance" of GB and International has led Britvic's board to say it "remains confident" that group earnings will be delivered in line with market expectations.

Separately, Britvic has upgraded its acquisition synergies for Britvic Ireland by over EUR6m (US$8.5m) by the financial year ending in September 2011, in addition to the EUR14m synergies outlined in May last year.

A trading update for the year to the end of September will be issued on 16 October.


Sectors: Soft drinks, Water

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