30th Jan 2008 07:01
Britvic plc30 January 2008 Britvic plc ("Britvic") AGM and Interim Management Statement============================================================ 30th January 2008================= At the Annual General Meeting to be held at 10.30am this morning, GeraldCorbett, Chairman, will make the following comment on the Company's trading forthe 12 weeks to 23rd December 2007: "Britvic today reports total revenues of £214.0m for the 12 weeks to 23rdDecember 2007, an increase of 31.2% on the prior year. This includes a firsttime contribution from Britvic Ireland of £49.3m for the 3 months to 31stDecember 2007. GB and international revenues grew by 1.1% during the period,representing stills growth of 1.2%, carbonates growth of 0.4% and BritvicInternational growth of 12.0%. GB pricing levels were maintained in the period with revenue growth drivenmainly by volume. Our out-performance of the GB stills category (market down1.7%) reflects continued share gains from the Robinsons brand, and whilst ourcore carbonate brands performed in line with expectations, our shortfall againstthe market growth of the category (market up 2.5%) is largely explained by thestrong volume performance of the functional category where Britvic currently hasno real presence. The trading conditions highlighted in our November 29th statement havecontinued, with licensed on-premise soft drink market volumes down 5% in thequarter to November as the impact of the smoking ban and the slowdown inconsumer spending continue. However, the take-home market has shown somerecovery during the period with volumes up 0.3%, driven by the growth ofcarbonates. Whilst stills market volumes are down, the rate of decline in thecategory has fallen consistently over recent months which is in line with ourexpectations highlighted back in November, and we continue to anticipate areturn to growth in due course. Britvic's International business has again shown strong growth driven by solidtrading of Fruit Shoot in the Netherlands and continued distribution gains forRobinsons squash in Sweden, Finland, and Denmark. Britvic Ireland's revenue grew 5.6% in sterling terms for the quarter to the endof December, benefiting from exchange rate movements. Underlying euro revenueswere marginally down by 0.8% based on flat volumes, with the on-premise marketshowing a low-single digit decline in the quarter to November. Our performancewithin the take-home market was strong, driven by the continued growth of ourMiwadi and Ballygowan brands. The integration of Britvic Ireland and thedelivery of the forecast €14m synergies remains on track, illustrated by therecently-announced proposal to close the company's Cork factory and consolidateproduction to a large scale, manufacturing centre by investing €7.6 million inthe Dublin plant. Despite current trading conditions and pressure from rising input costsexperienced in the first quarter, our continued strong focus on cost control hasmaintained our operating margins compared to the same period last year. With anexpected return to growth in the near term for the stills category, plus thisyear's innovation programme to be launched soon, we remain confident about thedelivery of market expectations for the year." For further information please contact: Investors:----------John Gibney/ Craig Marks +44 (0)1245 504 330 Media:------Tom Buchanan (Brunswick) +44 (0)207 404 5959Emma Peacock/ Susan Turner +44 (0)1245 261 871 Notes to editors---------------- Britvic is one of the two leading branded soft drinks businesses in the UK andthe Republic of Ireland. The Company is the largest supplier of still softdrinks in Great Britain, the faster growing category in the soft drinks market,and the number two supplier of carbonates. Britvic's broad portfolio of leading brands includes established names with highbrand recognition such as Robinsons, Tango, J20 and Fruit Shoot. Included withinthe portfolio are the Pepsi and 7UP brands, which Britvic produces, markets,sells and distributes under its exclusive appointment from PepsiCo which runsuntil December 2023 in Great Britain and 2019 in Ireland. This brand and productportfolio enables Britvic to target and satisfy a wide range of consumer demandsin all major soft drinks categories, via all available routes to market. Cautionary note regarding forward-looking statements---------------------------------------------------- This announcement includes statements that are forward-looking in nature.Forward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievements ofthe Company to be materially different from any future results, performance orachievements expressed or implied by such forward-looking statements. Except asrequired by the Listing Rules and applicable law, Britvic undertakes noobligation to update or change any forward-looking statements to reflect eventsoccurring after the date such statements are published. Reporting Periods----------------- Britvic Ireland reports on a monthly basis in comparison to the rest of theBritvic group of companies which report on thirteen 4-week periods. There are noimmediate plans to change this reporting structure. -eND- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Britvic