Soft drinks maker Britvic has reported a 16.5% increase in revenue in the first quarter of its financial year, with CEO Simon Litherland saying the business experienced "strong demand" for its brands in the period.
Sales totalled £373.9 million (€447.9 million) in the quarter, a 14.0% increase on a reported basis, and 12.8% higher than the corresponding period in December 2020, prior to the pandemic
Following on from a strong full year, its GB operations reported revenue growth of 17.1% in the quarter, boosted by both the at-home and out-of-home channels. The group added that the out-of-home business was affected by the rise of the Omicron variant in December, however.
Its Brazil and 'Other International' operations grew by 8.7% and 17.9% respectively.
'Confident In Growth Strategy'
"We remain confident in our growth strategy, backed not only by our market-leading brands and our highly engaged employees, but also by our proven track record of successfully navigating headwinds," commented chief executive Simon Litherland.
"While we continue to experience inflationary pressures, our focus remains on minimising the impact on our business and I am confident we will continue to make progress this year and deliver strong returns for our shareholders."
Britvic added that it is experiencing 'inflationary pressures' across its business, and that it is focused on minimising the impact of these through a combination of revenue management, smart procurement and cost control measures.
The group will report its half-year results to 31 March on 17 May 2022.
'Setting Higher Expectations'
Commenting on its performance, analyst Walid Koudmani at XTB said, "Today's Britvic report showed strong demand for their collection of family favourite brands across all channels and markets, which led to year-on-year revenue growth of 16.5% in the first quarter.
"Overall, these seem like optimistic results and could be setting higher expectations for investors moving forward."
© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.