Soft drinks firm Britvic has posted an 11.5% increase in revenue (+3.7% at organic constant exchange rates) in the first half of its financial year, recording £756.3 million worth of sales in the 28 weeks to 16 April.
The group said that its pre-exceptional EBITDA was up 6.7% (+5.1% at constant rates) in the period, however profit after tax fell by 4.9%.
“Britvic has delivered a strong first half performance driven by organic revenue growth in all our markets and successful management of input cost inflation," said Simon Litherland, Britvic chief executive officer.
"We have continued to make progress delivering our strategic priorities and have exciting commercial plans for the second half of the year. I am confident that we will deliver full year performance in line with market expectations.”
Home Performance
In its core UK market, the group said that it is 'now showing value growth ahead of volume', despite the weakening of sterling. It saw a good performance in the carbonates category for its 'no and low sugar offerings [which have] continued to resonate with consumers'.
In France, the group's performance has been 'subdued', it added, 'reflecting both the challenging trading conditions and the continued impact of the consolidation of procurement by grocery retailers'. In Ireland, it noted that the 'year has started very well', with its Ballygowan and MiWadi brands performing well.
Its International business saw a 13.9% increase in revenue at constant exchange rates, to £26.2 million, while its Brazil operation saw a 4.0% increase to £70.1 million.
Looking ahead to the full financial year and beyond, Britvic said that it has 'demonstrated in the first half our ability to deliver our strategic priorities in the face of a challenging external environment', adding that it 'remains confident of meeting market expectations for the full year'.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
