"Robust start to the year, confident of achieving full year expectations"
Britvic today reports first quarter revenue of £369.8m, an increase of 4.9% on the prior year. The quarter benefited from the inclusion of additional trading days following the previously announced move to monthly accounting. On a comparable days and constant currency basis, revenue increased by 2.6% and we remain confident of achieving market expectations for the year.
The exclusive discussions with Refresco over the potential sale of assets in France are on-going and remain subject to a consultation process with the relevant employee representatives and competition clearance by the French Competition Authority. We remain confident that, subject to approval, the transaction will complete later in 2020.
We are also pleased to announce the signing of our first sustainability-linked revolving credit facility. The £400m refinanced facility, which has a maturity date of 2025, includes a number of annual KPIs linked to Britvic’s sustainable business strategy. Achieving these sustainability targets will generate a reduction in the margin payable to the lenders, which Britvic will donate to agreed charities. This financing agreement further strengthens both our funding platform and our commitment to healthier people and a healthier planet.
Simon Litherland, Chief Executive Officer commented:
"I am pleased to report that we have delivered a robust start to the year. While we anticipate conditions will remain challenging, we are confident of achieving market expectations for the year, underpinned by the strength of our brand portfolio and exciting marketing and innovation plans."
For further information please contact:
|Steve Nightingale||Director of Investor Relations||+44 (0) 7808 09 7784|
|Megan Ratcliffe||Head of Corporate Communications||
+44 (0) 7808 097769
|Stephen Malthouse||Headland||+44 (0) 203 805 4822|
NOTES TO EDITORS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by the Listing Rules and applicable law, Britvic undertakes no obligation to update or change any forward-looking statements to reflect events occurring after the date such statements are published.
NEXT SCHEDULED ANNOUNCEMENT
Soft Britvic will publish its Interim results on 20 May 2020.
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