26th Jan 2023 10:08
(Alliance News) - Britvic PLC on Thursday said its recent performance was in-line with expectations, boosted by Christmas trading despite an anticipated volume decline.
For the three months that ended December 31, the Hemel Hempstead, England-based drinks company's financial first quarter, revenue rose 7.3% to GBP411 million from a year prior, in line with guidance.
Britvic attributed growth to price mix, partially offset by an anticipated volume decline.
The company, whose brands include Robinsons cordials and J2O fruit drinks, hailed strong trading over Christmas, with total December revenue up 9.0%, led by sales in Great Britain, which rose 14%.
For Great Britain, revenue over the quarter rose 9.8%, delivered across both retail and hospitality channels.
International revenue was up 3.5%, led by Ireland, while revenue in France was broadly flat. Britvic noted a modest decline in revenue in Brazil of 0.4%, reflecting a focus on price mix.
"Our performance in the first quarter was robust and in-line with our expectations...We have continued to take decisive action to mitigate the impact of cost inflation with disciplined revenue management and a relentless focus on cost efficiency, to protect profit and margin," said Chief Executive Simon Litherland.
"We have strong plans in all our markets and categories, including a brand refresh for Robinsons, pack and flavour innovation, as well as exciting marketing campaigns. Britvic is a well-invested business, with an agile supply chain and a capable and highly engaged team, which positions us well for the future."
Interim results for the six months ending March 31 will be announced on May 16.
Britvic shares were trading 0.5% lower at 770.50 pence each in London on Thursday morning.
By Holly Beveridge; Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.