Britvic plc Preliminary results

30 Nov 2016

Britvic plc announces another year of strong results for the 53 weeks ended 2 October 2016.

Group Financial Headlines:

  • Revenue increased 10.1% to £1,431.3m
  • Pre-exceptional EBITA* increased 8.4% to £186.1m
  • Like-for-like revenue* increased 0.4%
  • Like-for-like pre-exceptional EBITA* increased 3.8% to £178.8m
  • Profit after tax increased 10.3% to £114.5m
  • Adjusted earnings per share* increased 6.5% to 49.3p
  • Full year dividend per share of 24.5p, an increase of 6.5%

Strategic highlights:

  • Outstanding year in GB Carbs, with like-for-like revenue* growth of 5.3%
  • Challenged stills performance, improvement in the second half of the financial year
  • Excellent first year in Brazil with Fruit Shoot now launched in Sao Paulo
  • Continued progress in the USA with Fruit Shoot multi-pack now on-shelf
  • Transformational three-year supply chain programme on-track to deliver a minimum 15% EBITDA* return by 2020
  53 weeks ended
2 October 2016
2015 £m
52 weeks ended
27 September
2015 £m
% Change
actual
exchange rate
%
Like-for-like
change**
Revenue 1,431.3 1,300.1 10.1% 0.4%
Pre-exceptional EBITA* 186.1 171.6 8.4% 3.8%
Pre-exceptional EBITA margin* 13.0% 13.2% (20)bps 40bps
Profit after tax 114.5 103.8 10.3%  
Basic EPS 43.8p 41.8p 4.8%  
Adjusted EPS* 49.3p 46.3p 6.5%  
Full year dividend per share 24.5p 23.0p 6.5%  
Underlying adjusted net debt/EBITDA 1.8x 1.7x 0.1x  

*Items marked with an asterisk throughout this document are non-GAAP measures, definitions and relevant reconciliations are provided in the Glossary on page 11 to 13.
**'Like-for-like' change adjusts for the impact of Brazil, an additional week in 2016 and constant currency. Detailed like-for-like adjustments are shown on page 12.

Simon Litherland, Chief Executive Officer commented:

“Britvic has delivered another strong set of results in challenging market conditions. In our core markets, we continued to take market share with a particularly strong carbonates performance. Internationally, we have had an excellent first year in Brazil and Fruit Shoot continued to grow in France, USA with the launch of multi-pack, and latterly in Brazil following its recent launch in Sao Paulo.

We are confident we will mitigate inflationary input costs through a combination of revenue management activities and internal cost saving initiatives. The new financial year has started well and although 2017 will be another challenging year, we expect to deliver pre-exceptional EBITA in line with current market expectations.”

For further information please contact:

Investors:  
Steve Nightingale (Director of Investor Relations) +44 (0) 7808 097784
Media:  
Victoria McKenzie-Gould (Director of Corporate Relations) +44 (0) 7885 828342
Ben Foster (Teneo Blue Rubicon) +44 (0) 203 603 5220

There will be a live webcast of the presentation given today at 9:30am by Simon Litherland (Chief Executive Officer) and Mathew Dunn (Chief Financial Officer). The webcast will be available at www.britvic.com/investors with a transcript available in due course.

For the full announcement please click here

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