Soft drinks maker Britvic has reported a 6.6% year-on-year increase in adjusted revenue, to £1.75 billion (€2 billion), in its financial year ended September 2023.
Adjusted EBIT for the period increased 5.9% to £218.4 million (€251 million), while reported EBIT decreased 5.6%, according to preliminary results published by the company.
Profit after tax decreased 11.6% to £124.0 million (€142.5 million), mainly driven by the impact of adjusting items.
Simon Litherland, chief executive officer of Britvic commented, “We have delivered another set of excellent results, making strong progress across our People, Planet and Performance measures.
"Our portfolio of family favourite brands and focus on great tasting, healthier drinks offer both quality and value at affordable prices."
Other Highlights
Britvic saw strong demand despite a modest volume decline, due to a tough comparable period in the fourth quarter of the previous year.
Europe experienced a hot summer in 2022 and poor weather in July and August this year.
The company added that it was successful in managing the inflationary environment, adding that its Tango and Pepsi MAX brands reported standout performances.
The company made a number of strategic acquisitions during the financial year in Great Britain and Brazil to access fast-growing categories.
It also continued to invest in growing capacity, setting up new production lines in both countries.
'Clear Strategic Priorities'
Litherland added, "We have continued to invest across our supply chain, adding capacity and upgrading technology, while also building our brands and portfolio, including the acquisitions of Extra Power in Brazil and Jimmy’s Iced Coffee in Great Britain.
"Looking ahead, we have clear strategic priorities for 2024 and an exciting programme of marketing and innovation launches coming to market. With our fantastic portfolio and a talented, engaged team, I am confident Britvic will continue to make excellent progress next year and beyond, delivering growth and creating value for all our stakeholders."
