A combination of pricing activity, promotional strategy and cost control helped Britvic mitigate the impact of inflation in its full year to 30 September, the drinks firm said, as it posted a 15.5% increase in revenue.
Revenue for the year came in at £1.62 billion (€1.87 billion), driven by both price and volume, the group said, with adjusted EBIT rising 16.0% to £206 million (€237.6 million). Profit after tax was up 45.3% to £140.2 million.
'Significant Headwinds'
“We have delivered excellent results, with strong growth in volume, revenue and profit, in the face of significant headwinds," commented Simon Litherland, chief executive.
"Our strategy has momentum, delivering accelerated top-line growth through consistent execution across our portfolio of trusted brands. We recognise that there are significant inflationary pressures on our consumers, customers and suppliers, and we remain focused on mitigating costs in a responsible manner through efficiency initiatives and revenue management, while continuing to invest in our brands, people, sustainability and infrastructure."
The group said that its portfolio of brands saw growth in both retail and hospitality thanks to a 'good' summer and the removal of lockdown restrictions.
Manufacturing Capacity
From an investment point of view, Britvic increased its manufacturing capacity in the UK, Brazil and France over the course of the year.
It said that current trading at the business remains 'robust' and in line with the group's expectations.
"Looking forward, the uncertain environment makes it difficult to forecast consumer demand in the near term," Litherland added. "Our strategy is working, with clear drivers to continue our consistent track record of growth and delivery of superior returns for all our stakeholders.”
© 2022 European Supermarket Magazine – your source for the latest A-brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
