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Solid Performance by Britvic

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Solid Performance by Britvic

Solid Performance by Britvic
November 30
15:27 2011

Buoyed by volume and sales growth in Great Britain, France and its other international markets except Ireland, Britvic sold 2.1 billion litres of soft drinks in the 52 weeks ended October 2nd 2011 and increased operating profit (EBITA) before exceptional and other items by 4.3% to £138.1 million on revenue up by 14.6%, at constant exchange rates, to £1.29 billion. The UK-based international soft drinks group’s underlying revenue, excluding its French business, increased by 0.8% to over £1.0 billion. Group profit before tax was flat at £105.1 million.

 

Britvic, along with other soft drinks producers, faced a difficult year, characterised by sharp increases in raw material costs coupled with poor summer weather, which dampened sales. Britvic’s Great Britain business grew volumes by 0.8% during the year and delivered pricing growth, with average realised price (ARP) up 1.9% reflecting price discipline in the market. The strong growth in Britvic’s carbonates business in Great Britain more than offset a decline in the stills side.

 

Paul Moody, chief executive of Britvic.

Ireland continues to be problematic for Britvic with the poor summer and difficult economic climate impacting on both revenue and profits levels. However, the major restructuring of the Irish business started to show benefits in the second half but Britvic Ireland remains under review although management is confident that it will deliver growth when market recovery begins.

 

Britvic France, which was acquired sixteen months ago for Eur186.4 million, achieved high single digit revenue growth in its first full year.

 

“Britvic has delivered a robust set of results, despite the particularly challenging economic backdrop in 2011,” says Paul Moody, chief executive of Britvic. “This performance reflects the strength of our brands and the quality of our innovation programme, as well as the continued focus on revenue management.”

 

The group continues to make progress with the internationalisation of its Fruit Shoot brand, which has just secured three major new agreements in the US to add new territories, new distribution partners and, significantly, an agreement with Pepsi Bottling Ventures, the largest independent Pepsi bottler in the US, to begin production locally.

 

“The political, financial and social environment in which we operate will remain challenging, but we are confident in our ability to compete strongly and to deliver another solid set of results for the year ahead, in line with our expectations,” he adds.

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