20th Nov 2024 09:41
(Alliance News) - Britvic PLC on Wednesday reported its 'best-ever' financial performance, posting strong increases in revenue and profit, ahead of soft drinks maker's takeover by Danish brewer Carlsberg AS.
Hemel Hempstead, England-based Britvic owns brands such as Tango and Robinsons.
Britvic said pretax profit increased by 10% to GBP173.2 million in the financial year that ended September 30 from GBP156.8 million the year before, thanks to a 8.6% rise in revenue to GBP1.90 billion from GBP1.75 billion.
The revenue increase was attributed to strong consumer demand across its portfolio of brands.
Britvic noted particularly robust performances from emerging brands such as Plenish, its plant-based milk, juices and shots brand.
However, Britvic reported a 33% rise in finance costs to GBP34.4 million for the period, up from GBP25.8 million a year previously. Annual selling and admin costs increased by 12% to GBP303.2 million, from GBP271.1 million.
Britvic said costs related to its acquisition by Carlsberg contributed to these additional expenses.
Back in July, Britvic, a FTSE 250 index constituent, accepted a takeover from Carlsberg at 1,315 pence per share, comprised of 1,290p per share in cash and a special dividend of 25p.
Britvic shares were down 0.2% at 1,286.00 pence per share in London on Wednesday morning.
The acquisition is expected to complete in the first quarter of calendar 2025.
Britvic proposed a total dividend of 34.5 pence per share for the recent financial year, up from 30.8 pence a year before.
Looking ahead, Britvic said prospects for its brands remain extremely positive.
Chief Executive Officer Simon Litherland commented: “We have delivered another excellent financial performance this year, with strong growth across our markets and portfolio of market-leading brands. We have also continued to ensure the business is fit for the future, adding more capacity, investing in our people and significantly increasing investment in marketing and innovation."
By Lydia Doye, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.