News
Britvic profits up 10% year-on-year during H1
In the six months to 31 March 2024 the firm increased revenue by 10.9% year-on-year, while volume sales grew by 4.4% when compared to the same period a year ago.
This translated to a 10.1% increase in profit after tax and adjusted EBIT growth of 17.7%.
Britvic said that it has seen robust performances from all three of its business units, with standout growth from brands including Pepsi MAX, Ballygowan, MiWadi, Fruit Shoot and Lipton.
In Britain alone, volumes and revenue increased by 2.6% and 8.8% respectively, with revenue up across both the hospitality and retail categories.
Another driver behind the strong results was Brazil, where revenue increased by nearly 35%. Britvic said that this was the result of its core portfolio performing well and the integration of energy drink Extra Power, which it acquired in October 2023.
‘We have increased investment in our brands by over 38%’
Commenting on the results, Britvic CEO Simon Litherland said he was delighted with the company’s performance over the sixth month period.
Litherland continued: “As expected, our market-leading growth comes from the combination of another strong performance from our scale family favourite brands, coupled with accelerated growth in Brazil and across multiple new growth spaces, such as London Essence, Aqua Libra and Plenish. We have increased the investment behind our brands by over 38% in the period.
“Looking forward, I am confident that we will deliver a strong full year performance. In the medium term, I firmly believe the continued execution of our strategy and growth drivers will allow us to sustainably outperform both the market and our historical top-line growth rate, leaving the company poised to continue our long-standing track record of delivering outstanding returns for our shareholders.”
Litherland also said that Britvic was announcing a “share buyback of £75m over the next 12 months, reflecting our strong earnings, free cashflow generation, and positive outlook”.
In other news, global F&B firm PepsiCo has announced an £8m investment into its Pipers Crisps manufacturing site in Brigg, Lincolnshire.
