AGM & Interim Mgmt Statement
Britvic plc
30 January 2008
Britvic plc ('Britvic') AGM and Interim Management Statement
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30th January 2008
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At the Annual General Meeting to be held at 10.30am this morning, Gerald
Corbett, Chairman, will make the following comment on the Company's trading for
the 12 weeks to 23rd December 2007:
'Britvic today reports total revenues of £214.0m for the 12 weeks to 23rd
December 2007, an increase of 31.2% on the prior year. This includes a first
time contribution from Britvic Ireland of £49.3m for the 3 months to 31st
December 2007. GB and international revenues grew by 1.1% during the period,
representing stills growth of 1.2%, carbonates growth of 0.4% and Britvic
International growth of 12.0%.
GB pricing levels were maintained in the period with revenue growth driven
mainly by volume. Our out-performance of the GB stills category (market down
1.7%) reflects continued share gains from the Robinsons brand, and whilst our
core carbonate brands performed in line with expectations, our shortfall against
the market growth of the category (market up 2.5%) is largely explained by the
strong volume performance of the functional category where Britvic currently has
no real presence.
The trading conditions highlighted in our November 29th statement have
continued, with licensed on-premise soft drink market volumes down 5% in the
quarter to November as the impact of the smoking ban and the slowdown in
consumer spending continue. However, the take-home market has shown some
recovery during the period with volumes up 0.3%, driven by the growth of
carbonates. Whilst stills market volumes are down, the rate of decline in the
category has fallen consistently over recent months which is in line with our
expectations highlighted back in November, and we continue to anticipate a
return to growth in due course.
Britvic's International business has again shown strong growth driven by solid
trading of Fruit Shoot in the Netherlands and continued distribution gains for
Robinsons squash in Sweden, Finland, and Denmark.
Britvic Ireland's revenue grew 5.6% in sterling terms for the quarter to the end
of December, benefiting from exchange rate movements. Underlying euro revenues
were marginally down by 0.8% based on flat volumes, with the on-premise market
showing a low-single digit decline in the quarter to November. Our performance
within the take-home market was strong, driven by the continued growth of our
Miwadi and Ballygowan brands. The integration of Britvic Ireland and the
delivery of the forecast €14m synergies remains on track, illustrated by the
recently-announced proposal to close the company's Cork factory and consolidate
production to a large scale, manufacturing centre by investing €7.6 million in
the Dublin plant.
Despite current trading conditions and pressure from rising input costs
experienced in the first quarter, our continued strong focus on cost control has
maintained our operating margins compared to the same period last year. With an
expected return to growth in the near term for the stills category, plus this
year's innovation programme to be launched soon, we remain confident about the
delivery of market expectations for the year.'
For further information please contact:
Investors:
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John Gibney/ Craig Marks +44 (0)1245 504 330
Media:
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Tom Buchanan (Brunswick) +44 (0)207 404 5959
Emma Peacock/ Susan Turner +44 (0)1245 261 871
Notes to editors
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Britvic is one of the two leading branded soft drinks businesses in the UK and
the Republic of Ireland. The Company is the largest supplier of still soft
drinks in Great Britain, the faster growing category in the soft drinks market,
and the number two supplier of carbonates.
Britvic's broad portfolio of leading brands includes established names with high
brand recognition such as Robinsons, Tango, J20 and Fruit Shoot. Included within
the portfolio are the Pepsi and 7UP brands, which Britvic produces, markets,
sells and distributes under its exclusive appointment from PepsiCo which runs
until December 2023 in Great Britain and 2019 in Ireland. This brand and product
portfolio enables Britvic to target and satisfy a wide range of consumer demands
in all major soft drinks categories, via all available routes to market.
Cautionary note regarding forward-looking statements
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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 Company 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.
Reporting Periods
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Britvic Ireland reports on a monthly basis in comparison to the rest of the
Britvic group of companies which report on thirteen 4-week periods. There are no
immediate plans to change this reporting structure.
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This information is provided by RNS
The company news service from the London Stock Exchange