Britvic today reports Q3 revenue of £384.8m, an increase of 22.8%* on last year, and with revenue growth in all business units. Year-to-date revenue increased by 3.1%* to £1,001.9m.
We continued to deliver strong GB At-Home performance in Q3, with revenue ahead of last year throughout the quarter. The easing of lockdown restrictions in the UK also led to a significantly improved performance in the Out-of-Home channel and benefited On-the-Go consumption. Performance was supported by trade restocking ahead of reopening, as well as continued strong consumer demand for our brands. The reopening of indoor hospitality in the UK in May enabled most outlets to open, albeit with reduced capacity due to continued social distancing measures.
Elsewhere, revenue grew in the At-Home channel in Brazil, France, and Ireland. Double-digit revenue growth continued in Brazil, while the recovery of the Out-of-Home channel in Ireland lags the UK, reflecting the different paths out of lockdown.
Overall, while our product and pack mix has improved in the quarter, it has not yet returned to pre-pandemic levels. As we approach the critical summer trading period, we anticipate making further progress through the rest of this year and delivering profit within the range of current market expectations.
Commenting on these results, Simon Litherland, Chief Executive, said:
“Performance in Q3 was encouraging, as we benefited from the easing of lockdown restrictions, while also continuing to perform well in the At-Home channel. Some degree of uncertainty remains for now, however, as the full course of the pandemic is still unknown. That said, the momentum we had built up going into the pandemic has stood us in good stead throughout, and I am confident that we will continue to navigate our way through it successfully.
We remain committed to rebuilding investment behind our portfolio of market-leading brands to ensure we continue to emerge strongly and are well-positioned for the recovery as it evolves. In addition, recent initiatives, such as Rockstar, Plenish and the Aqua Libra Company, give us access to new opportunities and further enhance our medium-term growth prospects. We remain confident that our strategy is fit for the future and will continue to drive growth and create sustainable value for all our stakeholders.”
*All comparisons to last year are on a constant currency basis with 2020 restated to reflect the sale of assets in France.
For further information please contact:
|Joanne Wilson||Chief Financial Officer||+44 (0) 7881 751550|
|Steve Nightingale||Director of Investor Relations||+44 (0) 7808 097784|
|Kathryn Partridge||Director of Corporate Affairs||
+44 (0) 7803 854229
|Stephen Malthouse||Headland||+44 (0) 7734 956201|
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 as a consequence of 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.
NEXT SCHEDULED ANNOUNCEMENT
Britvic will publish its preliminary results on 24 November 2021.