Britvic PLC 2017 Interim results

24 May 2017

“A strong first half performance, confident of meeting market expectations for FY17”

Group Financial Headlines:

  • Revenue increased 11.5% to £756.3m
  • Pre-exceptional EBITA* increased 6.7% to £73.6m
  • Organic revenue* increased 3.7% and organic pre-exceptional EBITA* increased 5.1%
  • Profit after tax decreased 4.9% to £38.6m, impacted by £5.8m of exceptional and other items
  • Adjusted earnings per share* increased 9.2% to 18.9p
  • Interim dividend per share of 7.2p, an increase of 2.9%

Strategic highlights:

  • Strong revenue growth, with all business units in growth compared to last year
  • Organic pre-exceptional EBITA margin* increased 10bps
  • Successful management of cost inflation through disciplined revenue management and cost efficiency
  • Actions taken to deliver £5m overhead savings in FY17
  • Complementary bolt-on acquisition of Bela Ischia completed in Brazil, integration underway and on track to deliver R$10m of cost synergies
  • Building quality distribution of Fruit Shoot in the USA
  • Business Capability Programme, on track to deliver substantial cost benefits and commercial flexibility

 

  28 weeks
ended
16 April
2017 £m
28 weeks
ended
10 April
2016 £m
% change
Actual
Exchange
Rate
% change
Organic
Constant
Exchange Rate
Revenue 756.3 678.0 11.5% 3.7%

Pre-exceptional EBITA*

73.6 69.0 6.7% 5.1%

Pre-exceptional EBITA margin*

9.7% 10.2% (50)bps +10bps

Profit after tax

38.6 40.6 (4.9)% -

Basic EPS

14.7p 15.5p (5.2)% -

Adjusted EPS*

18.9p 17.3p 9.2% -

Interim dividend per share

7.2p 7.0p 2.9%  
Adjusted net debt/EBITDA 2.4x 2.0x (0.4)x  

* Items marked with an asterisk throughout this document are non-GAAP measures, definitions and relevant reconciliations are provided in the Glossary on page 10.

Simon Litherland, Chief Executive Officer commented:

“Britvic has delivered a strong first half performance driven by organic revenue growth in all our markets and successful management of input cost inflation. We have continued to make progress delivering our strategic priorities and have exciting commercial plans for the second half of the year. I am confident that we will deliver full year performance in line with 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 10:00am 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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