22nd Jul 2020 09:52
(Alliance News) - Britvic PLC on Wednesday said revenue was down as the third quarter faced the full market impact of the Covid-19 lockdown in the UK.
For the third quarter to June 30, revenue was down 16% to GBP328.9 million, with year-to-date revenue down 5.1% to GBP1.03 billion.
The company said a sharp decline in out-of-home consumption was offset by the growth in at-home consumption. This resulted in market value share gains across its business units.
Britvic still estimates the Covid-19 impact on adjusted earnings before interest and tax to be between GBP12 million and GBP18 million per month.
The soft drink business said: "As we entered the crucial summer trading period lockdown restrictions started to ease and the hospitality industry has gradually begun to re-open.
"It is however too early to judge the impact this will have on the business; we therefore maintain our previously estimated monthly impact of full Covid-19 restrictions on adjusted Ebit."
Chief Executive Simon Litherland said: "As expected, the third quarter demonstrates the full market impact of the Covid-19 lockdown. We have continued to focus on the clear priorities we set to navigate through the pandemic, which have helped us to manage our business effectively and to deliver a third-quarter performance in line with our expectations.
"I am pleased with both the market share gains and the performance across the channels open to us, however in the near term there remains a high degree of uncertainty about the pace and level of full recovery."
Britvic shares were down 1.3% at 787.50 pence each on Wednesday morning in London.
By Greg Roxburgh; [email protected]
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