31st Jan 2020 09:14
(Alliance News) - Britvic PLC said Friday that trading in the first quarter was "robust" and the company remains confident of achieving market expectations for the year ending September 30.
The stock was trading 3.3% up at 907.50 pence each on Friday morning in London.
For the three months to December 31, the FTSE 250-listed soft drinks producer said revenue was up 5.0% at GBP369.8 million.
In comparison, for the three months to December 23, 2018, the company reported revenue of GBP352.4 million.
Britvic also said that discussions with Refresco over the sale of assets in France are ongoing and it remains confident that the transaction will be completed later in the year. In November, the company - which owns the Fruit Shoot, Robinsons, and J2O brands- announced its intention to sell its three juice manufacturing sites in France, its private label juice business, and its Fruite brand to Refresco for an undisclosed sum.
The company also said it has signed its first sustainability-linked revolving credit facility of GBP400 million which has a maturity date of 2025. The refinanced facility includes a number of annual KPIs linked to Britvic's sustainable business strategy, the company said, adding that the achievement of set targets will generate a reduction in the margin payable to the lenders.
"I am pleased to report that we have delivered a robust start to the year. While we anticipate conditions will remain challenging, we are confident of achieving market expectations for the year, underpinned by the strength of our brand portfolio and exciting marketing and innovation plans," said Britvic Chief Executive Simon Litherland.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Britvic