Simon Litherland, Chief Executive, commented:
"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% in the first quarter.
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."
Trading Update and Outlook
In the first quarter, total revenue increased 16.5%* to £373.9m on a constant currency basis (reported +14.0%) versus last year (FY21) and 12.8%* on the same period in FY20 (October to December 2019), the last quarter before the pandemic.
GB led this growth, delivering revenue growth of 17.1%, with the At-Home channel continuing to grow and Out-of-Home recovering in line with expectations in October and November. Out-of-Home trading in December was impacted by changes in consumer behaviour and a downturn in socialising in GB and Ireland due to the Omicron Covid-19 variant. With the announcement last week of the easing of restrictions across the UK and Ireland, we anticipate the Out-of-Home channel will continue its recovery back towards 2019 levels.
Brazil and Other International markets grew revenue by 8.7% and 17.9%*, respectively.
As highlighted at our preliminary results, we are experiencing inflationary pressures across
the business. We remain focused on minimising the impact on our business through a
combination of revenue management, smart procurement and disciplined cost control.
Our interim results, for the six months ended 31 March, will be released on the 17 May 2022.
* % change excludes Counterpoint agency brands and France private label
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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 including the Covid-19 pandemic, 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.