UK drinks maker Britvic has announced encouraging interim results for the 28 weeks to 13 April with its still drinks portfolio delivering the lions share of success.
The group, whose portfolio includes Pepsi, 7 UP, Tango, J20 juice and water brand Pennine Spring, encouraged investors by reporting improving growth trends in the early weeks of its second half which started in mid-April.
Pre-tax profits in the six months to 13 April rose to £17.2 million from £15.2 million a year earlier, while revenues rose 28.6% to £454.7 million, including the first full 28 week contribution from Britvic Ireland, created through last year’s acquisition of the Ballygowan soft drinks business of Irish cider maker C&C.
Last year’s poor summer and a lack of momentum into the autumn period impacted on the still drinks market. Many operators were also hit by the smoking ban faced by pubs and licensed premises. But Britvic said it had out-performed its rivals with volumes up 5.9% to 232 million litres in the period.
A big marketing push for Robinsons, the extension of the Drench water brand and a strong performance from Fruit Shoot saw revenues from still drinks up 2.8% to £161.8 million. Meanwhile, carbonated brands saw volumes rise 0.2% – an under-performance blamed on Christmas promotions by competitors.
Britvic Chief Executive Paul Moody said the company delivered a “resilient performance” in the first half, with market share gains across most of its brands.
He added: “The first half of our year has been a period of modest growth for the soft drinks market overall, with improving growth trends evident in the early weeks of the second half.”
© FoodBev Media Ltd 2019
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