Government restrictions continue to impact Britvic business
It said its financial performance in the first half of the year just completed was impacted by lockdowns and social distancing measures across its markets.
Despite this, revenue increased 6.6% to £1.4bn (reported -0.5%) while profit after tax increased 9.1% to £103.2m for the full year ended 30 September 2021.
This follows news earlier this year when it was revealed that there was a dip in sales and earnings in its 2020 results.
Pepsi MAX, 7UP Free and Tango
In GB, it said it has delivered growth across the portfolio with its mainstream carbonated brands Pepsi MAX, 7UP free and Tango having 'an excellent year, growing revenue and retail sales value'.
In GB revenue growth of 8% was driven by people drinking at home while out-of-home was 'broadly flat' for the full year and continues to lag pre-COVID-19 levels. With the lifting of restrictions, its socialising brands, such as J20 and Fruit Shoot returned to growth as the on-trade and schools reopened.
The company said that in 2022, the possibility of additional COVID-19-related restrictions means there remains some degree of uncertainty in predicting the future outlook. But it has used modelling to analyse various scenarios and how these could impact on revenue, profit and cash flow. The scenarios are most sensitive to the assumptions made for GB and Ireland, where it has more significant exposure to out-of-home channels.
Simon Litherland, chief executive officer said that this year the company had recovered strongly from the effects of the pandemic, with underlying revenue, margin, and profit all in growth.
Plenish, Rockstar
“We continue to invest in our brands, people, and infrastructure," he said. "Our portfolio of trusted family favourite brands has led the growth across our business units, and we continue to access new growth spaces through innovation, the acquisition of Plenish and the relaunch of Rockstar.”
“We have simplified the business in Ireland with the closure of Counterpoint. Our Healthier People, Healthier Planet sustainability programme has also progressed well, with the rollout of recycled PET [polyethylene terephthlate] in GB, and carbon reduction initiatives across the business.”
