Interim Management Statement

RNS Number : 1162W

Britvic plc

25 January 2012

 



Britvic plc ("Britvic") Quarter 1 Interim Management Statement 25^th January 2012¹

·      Group Q1 revenue increased by 2.5%, driven by growth in GB, France and International

·      GB take-home channel share gain

·      Strong carbonates revenue growth, led by substantial Pepsi share gain

·      Continued double-digit revenue growth in France, driven by pricing growth

·      Pension funding partnership will be successfully implemented by end of January 2012

GB revenue grew by 2.8%. Britvic achieved take-home market volume and value share gains in the important Christmas quarter. Carbonates performed particularly strongly with revenue growth of 5.8%, led by Pepsi, which substantially grew its market share of the take-home cola market. With our increased year on year promotional activity in the quarter, carbonates ARP growth was 0.2%, which builds on the strong prior year Q1 comparative of +4.6%. GB stills showed an improving performance compared to recent quarterly trends, with revenue declining by 1.7%.

Ireland revenue declined by 10.0%. Volume was down 0.2% and ARP (excluding third party products) was down by 5.3% due to both promotional intensity and adverse mix. Britvic Ireland held value share of the take-home market. Half of the 10% revenue decline is attributable to the third-party brands, largely alcohol, which we distribute via the licensed wholesale business where the on-to-off trade shift was especially marked.

France revenue grew by 12.6%. Strong revenue performance was driven by the achievement of significant price increases to cover raw material inflation, leading to ARP growth of 14.7%. Our volume and value market share of syrups has further increased.

International revenue grew by 1.7%. The single-digit revenue growth in Q1 and ARP decline reflects the different timing of concentrate shipments to Australia compared to the stock build last year and the phasing of promotional activity in export markets. The prior year Q1 revenue comparative was 41.5%. We remain on track to achieve full year revenue growth guidance of 20%.

Paul Moody, Chief Executive, commented:

"Our GB, French and International business units have again delivered positive revenue growth and we continue to compete strongly and effectively in each of our markets.

We expect the general economic and trading environments to remain challenging but, despite this caution, we are confident in our ability to deliver another solid set of results for the year ahead, in line with our expectations."

[1] All numbers and comparisons are quoted on a constant exchange rate basis. Volume and ARP are adjusted for the impact of double concentrate on Robinsons and MiWadi to provide a meaningful comparison.  Numbers not adjusted for double concentrate are available on the Britvic Investor Relations website at www.britvic.com 

Britvic revenue, volume and ARP after adjustment for impact of Robinsons and MiWadi Double Concentrate

Quarter 1	Actual	% Change on last year
		Actual Exchange Rate	Constant Exchange Rate
Revenue £m
GB Carbonates	120.8	5.8%	-
GB Stills	76.2	-1.7%	-
GB Total	197.0	2.8%	-
International	5.9	1.7%	-
Ireland (£)	37.8	-10.2%	-10.0%
France (£)	54.5	12.1%	12.6%
GROUP (£)	295.2	2.4%	2.5%
Average Realised Price ("ARP") PPL
GB Carbonates	43.1	0.2%	-
GB Stills	73.5	0.7%	-
GB Total	51.3	-0.6%	-
International	74.7	-11.2%	-
Ireland (£)	53.3	-5.7%	-5.3%
France (£)	84.8	14.3%	14.7%
GROUP (£)	56.1	1.1%	1.1%
Volume M Litres
GB Carbonates	280.4	5.6%	-
GB Stills	103.7	-2.3%	-
GB Total	384.1	3.3%	-
International	7.9	14.5%	-
Ireland	54.4	-0.2%	-
France	64.3	-1.8%	-
GROUP	510.7	2.4%	-

Note: Volume and ARP are adjusted for the impact of double concentrate on Robinsons and MiWadi to provide meaningful comparison. Numbers not adjusted for double concentrate are available on the Britvic Investor Relations website at www.britvic.com 

For further information please contact:

Investors:
Rupen Shah	[phone]
Media:
Mike Smith/Nick Cosgrove (Brunswick)	[phone]
Susan Turner	[phone]

Notes to editors

About Britvic

Britvic is one of the leading branded soft drinks businesses in Europe. The company leverages its own leading brand portfolio including Robinsons, Tango, J₂O, Fruit Shoot, Teisseire and MiWadi   as well as PepsiCo brands such as Pepsi, 7UP and Mountain Dew Energy which Britvic produces and sells in GB and Ireland under exclusive PepsiCo agreements.

Britvic is the largest supplier of branded still soft drinks in Great Britain ("GB") and the number two supplier of branded carbonated soft drinks in GB. Britvic is an industry leader in the island of Ireland with brands such as MiWadi and Ballygowan, and in France with brands such as Teisseire and Fruité. Britvic is growing its reach into other territories through export, licensing and franchising. Britvic's management team has successfully developed the business through a clear strategy of organic growth and international expansion based on creating and building scale brands. Britvic is listed on the London Stock Exchange under the code BVIC.

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.

Quarter One reporting period

Britvic GB and Britvic International's first-quarter period runs from 3^rd October 2011 to 25^th December 2011. Britvic Ireland and Britvic France covers the period from 3rd October 2011 to 31^st December 2011, though internally reports on a monthly basis. Please note that Britvic Ireland's volumes and ARP performance exclude the sale of 3^rd-party factored brands which are also therefore excluded from the group metrics accordingly.

Market Data

GB take-home market data referred to in this announcement is supplied by Nielsen and runs to 24^th December 2011. ROI take-home market data referred to in this announcement is supplied by Nielsen and runs to 25^th December 2011. French market data is supplied by IRI and runs to 18th of December 2011.

Next Scheduled Announcement

Britvic will publish its interim results announcement on 24^th May 2012

Britvic will hold an investor seminar on the 28^th March 2012, London.

 

END

 

 

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