Britvic Sees Revenue Up 1.4% In First Half
Drinks firm Britvic has posted a 1.4% increase in revenue at constant currency rates in the first half of its financial year, to £698.8 million (€784.3 million).
Adjusted operating profit for the period to 31 March was up 9.4%, the group said, while adjusted operating margin rose by 80 basis points.
The group said that it made a 'robust' start to the year, recording value share gains in the UK, Ireland and Brazil, while revenue growth was led by local favourites such as Robinsons, MiWadi, Maguary, Pepsi, Tango and 7UP.
At actual exchange rates, revenue was down 9.1%, while adjusted EBIT fell by 9.6%.
Since mid-March, the group said that the coronavirus crisis, coupled with the closure of the hospitality industry, has 'significantly impacted' its out-of home business, although at-home volume sales are up.
The group said that it entered the COVID-19 period from a 'position of strength', with a solid balance sheet and trading momentum, and is focused on safeguarding its employees, maintaining its operational agility and retaining its financial strength.
“The world is a very different place from the one it was a few months ago and I am proud and humbled by the resilience and dedication shown by the entire Britvic team," commented Simon Litherland, Britvic chief executive.
"We entered the COVID-19 crisis with strong momentum, having delivered a robust first half performance, which continues our track record of consistent delivery since 2013. As a business and as a team, we have repeatedly demonstrated our agility as well as our ability to successfully navigate tough headwinds.
"While these times are clearly unparalleled, soft drinks has proven itself to be a resilient category time and time again."
The company said that it has deferred its dividend due to coronavirus.
© 2020 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.