Britvic sees ‘excellent progress’ in a challenging market as revenues rise 6.6 per cent

Britvic has reported 6.6 per cent increase in its revenue for its 2022-23 fiscal, driven by strong demand and higher prices.

Revenue touched £1.74 billion for the ended 30 September 2023, despite a modest decline in volume due to tough Q4 comparable of the hot summer in Europe in 2022 and poor weather in July and August 2023.

Adjusted EBIT increased 5.9 per cent to £218.4 million, despite margin decreasing by 10 basis points to 12.5 per cent. Profit after tax, however, decreased 11.6 per cent to £124m, mainly driven by the impact of adjusting items.

The company reported adjusted earnings per share of 61p, an increase of 6.5 per cent.

Simon Litherland, chief executive, said the business has been able to mitigate the substantial cost inflation pressures through a combination of revenue growth management actions and cost discipline.

“We have delivered another set of excellent results, making strong progress across our People, Planet and Performance measures,” Litherland commented.

“We have continued to invest across our supply chain, adding capacity and upgrading technology, while also building our brands and portfolio, including the acquisitions of Extra Power in Brazil and Jimmy’s Iced Coffee in Great Britain.

“Looking ahead, we have clear strategic priorities for 2024 and an exciting programme of marketing and innovation launches coming to market. With our fantastic portfolio and talented, engaged team, I am confident Britvic will continue to make excellent progress next year and beyond, delivering growth and creating value for all our stakeholders.”