Britvic - Emerging stronger
Britvic’s recovery continued in H2, with continued growth in at-home channels while out-of-home rebounded. GB and Brazil both posted revenue growth, while Other International was affected by weaker performance in France, caused – among other things – by poor summer weather. Organic revenue growth was 6.6%, while adjusted EBIT was up 10% on the same basis. Adjusted EPS was up 2.5% to 44.3p, as it was adversely affected by a one-off deferred tax charge. The dividend per share is 24.2p, up 12%. Current trading is encouraging, with volumes in the first six weeks of the year ahead of both FY21 and FY20. Management remains confident in making further progress with revenue, profit and margin growth in 2022 despite inflationary cost pressures.Britvic operates in the soft drinks manufacturing and distribution industry. Co. manufactures, markets and sells a range of brands in Great Britain (GB), France, Ireland and Brazil. In addition, Co. is the sole bottler for PepsiCo in GB and Ireland, enabling it to sell their range of soft drinks alongside its owned-brands. Co.'s brand categories include: kids, which includes the Fruit Shoot Hydro, Fruit Shoot Hydro Sparkling, and My5 brands; adult, which includes the Purdey's, J2O Spritz, and J2O brands; and family, which includes the Club Orange and MiWadi brands. Co. also has a portfolio of carbonates and still brands including the brands that it bottles and markets on behalf of PepsiCo.
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