21st Jul 2016 06:59
LONDON (Alliance News) - Soft drinks producer Britvic PLC Thursday said revenue increased over 5.0% in the third quarter to keep the company on track to deliver earnings for the full year that should meet expectations.
Britvic, which makes Robinsons and J20 drinks, said revenue was 5.3% higher year-on-year in the quarter at GBP346.3 million but, on an organic basis, revenue declined 0.7% in the quarter to GBP326.5 million.
"Our third quarter performance was stronger than the first half of the year despite tough trading conditions and the wet weather in June. We have reported a 5.3% increase in revenue, with volumes up 8.8%. Organic volume has increased 1.4% whilst revenue has declined 0.7%," said Chief Executive Simon Litherland.
"We have strong programmes in place for our brands over the balance of the year and remain on track to deliver full year earnings before interest, tax and amortisation within the guidance range we set at the beginning of the year of GBP180.0 to GBP190.0 million," he added.
If delivered, that Ebita would be up from the GBP171.6 million reported in the last financial year.
Britvic said the overall soft drinks market in Great Britain saw its value fall by 7.5% in the third quarter following wet weather in June.
"Looking ahead, the decision by the UK to leave the European Union creates additional consumer and economic uncertainty whilst the weakening of sterling will place pressure on our input costs in Great Britain. However, our strategy to leverage our market leading brands in our core markets, expand internationally, continue to invest in innovation and focus on cost control, means that we are well placed to continue to deliver our long-term strategic priorities and create value for our shareholders," said Litherland.
By Joshua Warner; [email protected]; @JoshAlliance
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