Soft drinks business Britvic has reported strong revenue growth in the first quarter of its 2022 fiscal, when compared to last year and pre-prendemic period.
In the quarter ended on 31 December 2021, total revenue increased 16.5 per cent to £373.9m on a constant currency basis versus last year (FY21) and 12.8 per cent on the same period in FY20 (October to December 2019), the last quarter before the pandemic.
The growth was led by the British market, delivering revenue growth of 17.1 per cent, with the at-home channel continuing to grow and out-of-home recovering in line with expectations in October and November.
While out-of-home trading in December was impacted by changes in consumer behaviour and a downturn in socialising in Britain and Ireland due to the Omicron Covid-19 variant, the company said it anticipates the channel will continue its recovery back towards 2019 levels with the announcement of the easing of restrictions across the UK and Ireland.
Brazil and other international markets grew revenue by 8.7 per cent and 17.9 per cent, respectively.
“We have continued to see strong demand for our portfolio of trusted family favourite brands across all channels and markets, helping us deliver strong year-on-year revenue growth of 16.5 per cent in the first quarter,” Simon Litherland, Chief Executive, commented.
The company warned about the inflationary pressures across the business, but said they remain focused on minimising the impact through ‘a combination of revenue management, smart procurement and disciplined cost control.’
“We remain confident in our growth strategy, backed not only by our market-leading brands and our highly engaged employees, but also by our proven track record of successfully navigating headwinds. While we continue to experience inflationary pressures, our focus remains on minimising the impact on our business and I am confident we will continue to make progress this year and deliver strong returns for our shareholders,” Litherland added.
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