Britvic results sparkle
Thursday, 16 Oct 2008 13:21
Britvic revenues rise despite poor summer
Soft drink maker Britvic said revenues are up 29.3 per cent and the group expects to deliver full-year results in line with expectations.
Revenue for the 52 weeks to September 28th rose by 29.3 per cent to £926.5 million compared to last year, Britvic said, despite yet another poor summer.
Britvic said it has continued to outperform the market with carbonate volumes up 4.3 per cent in the 52-week period against market volume growth of 1.4 per cent, driven by further market volume and value share gains by Pepsi and 7UP.
Paul Moody, chief executive, said: "We have delivered a strong performance despite the disappointing weather, rising raw material and energy costs and the challenging market conditions.
"The business has achieved good revenue growth, increased market volume and value share with tight cost control helping to deliver our target of increasing GB & International operating profit margin by at least 10-15 basis points.
"Consequently, we expect to deliver earnings for the year in line with expectations."
Britvic warned macro economic conditions in Ireland, which is now in a recession, have resulted in very difficult trading conditions.
The company said this has has recently led to a "low double-digit decline" in the licensed on-premise market in the 12-month period, although the take-home market has stabilized to a flat volume performance.
Shares in Britvic were up by 6.25 per cent as of 12:13 BST, one of the few risers on the index.