27th Jul 2023 14:25
(Alliance News) - Britvic PLC on Thursday reported higher sales in the third financial quarter to June 30, as it announced it will buy the Extra Power energy drink brand in Brazil.
The Hemel Hempstead, England-based drinks company said revenue climbed 9.9% annually at constant currency to GBP476.7 million. It was 11% higher than GBP431.1 million reported a year earlier.
While sales in Great Britain improved 9.9% at constant currency, they declined 1.9% in Brazil.
However, Britvic hailed the acquisition of Extra Power energy brands from GlobalBev in Brazil, which it touted as "highly synergistic" and accretive to all of growth, margin and earnings.
It expects the acquisition to close in October. Britvic disclosed no financial details of the acquisition.
"With 42% market share in its core regions near Brasilia, Extra Power enables access to the fast-growing, high-margin energy category," Britvic said.
Further, Britvic said it was boosted by volume growth and a "positive price/mix".
Looking ahead, the company said full year revenue and earnings before interest and tax are expected to achieve current market expectations.
Britvic shares were 1.0% higher at 887.00 pence each in London on Thursday afternoon.
By Tom Budszus, Alliance News reporter
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