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Profits rise for Britvic
Britvic plc has announced its preliminary results for the 52 weeks ended 27 September 2009. Numbers in this announcement are all quoted before exceptional items, except where stated otherwise.
Financial highlights
- Group revenue growth of 5.6%
- Group operating profit margin improvement of 80 basis points
- EPS growth of 20.6% to 29.9p
- Free cashflow up 5.3% to £69.7m
- Final dividend per share up 23.9% to 10.9p
- Adjusted net debt to Ebitda of 2.4x, down from 2.7x in 2008 and 3.2x in 2007
- Agreement with investors in the US private-placement market for the issuance of a further $250m, subject to documentation and due diligence, in order to rebalance the group’s debt structure
- Return on Invested Capital of 17.9%, up from 16.3% in 2008
- GB & International revenue growth of 8.7%
- GB & International operating profit margin improvement of 110 basis points
- Britvic Ireland delivers cumulative synergies of €15.3m in line with guidance.
“Britvic’s very strong performance has delivered double-digit operating profit and earnings growth,” said Paul Moody, chief executive. “The GB & International business has now achieved eight consecutive quarters of revenue growth since 2006, resulting in revenue CAGR of 6% and operating profit CAGR of 11%.
“Over the last year, our brands have grown market share across all key categories and our portfolio has been strengthened by successful innovation. We’re successfully re-engineering our business in Ireland to take advantage of eventual market recovery, while realising expected synergies.
“Recent conditions in the GB soft drink market have shown some signs of improvement, although visibility in both GB and Ireland beyond the short term remains limited and we take a cautious view of consumer spending. However, we’re encouraged by our strong group performance in the early weeks of the new financial year, building on our track record of top-line, margin and quality earnings growth.”
Source: Britvic
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