Cott Corporation saw its revenue rise by 40% in 2017 to $2.27 billion as it benefited from its acquisitions of coffee roaster S&D Coffee and water delivery company Eden Springs.
The company said it met its $2.2 billion revenue target thanks to strong coffee growth and an increased market share with its quick serve restaurant clients.
Gross profit surged by 33% to $1.13 billion in a year in which Cott offloaded its bottling business to Refresco for $1.25 billion.
Cott Corporation CEO Jerry Fowden said: “With the sale of our traditional business, we are now a growth oriented services company with a large proportion of recurring revenue and multiple scalable platforms.
“With a stronger balance sheet we are well positioned to undertake further synergistic acquisitions within the fragmented sectors we operate in.”
In a move to complement its purchase of Eden Springs, Cott announced last month that it would purchase US bottled water distributor Crystal Rock in a deal worth approximately $35 million.
Crystal Rock bottles and distributes natural spring water under the Vermont Pure brand, purified water with minerals added under the Crystal Rock Waters label and it roasts and packages coffee under its Cool Beans brand. The deal is a move by Cott to strengthen its business in the US East Coast.
Cott said it is targeting full-year 2018 revenue from continuing operations in excess of $2.3 billion.
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