Trading Statement

RNS Number : 5072Q

Britvic plc

20 October 2011

 



Britvic plc ("Britvic") 52 Week Trading Update 20^th October 2011

Britvic today reports its 52 week to 2^nd October 2011 (full year) trading performance¹

Full Year Highlights:

Full year Group revenue of £1,290.4m, representing growth of 14.6% on the prior year, excluding France +0.8%

·      GB, France and International business units have all delivered positive volume and revenue growth with Ireland constraining the overall Group growth

·      Strong pricing growth, with GB & International average realised price (ARP) up 2.1%

·      France has had a strong year with high single digit revenue growth² and the successful launch of Teisseire Fruit Shoot

Quarter Four Highlights:

Group Q4 revenue increased by 0.3%; continued growth in GB and International.

GB Q4 revenue grew by 2.5% (full year: +2.7%). Carbonates performed strongly with revenue growth of 8.3%, against a backdrop of a competitive market place and a strong prior year comparative of +14.4%. Carbonates ARP growth of 3.4%, reflects our price discipline whilst also achieving volume growth of 4.6%. GB stills revenue declined by 5.2%, reflecting the impact of the weaker economy on consumers with volumes down 4.0%; and ARP down 1.3% due to mix.

Ireland Q4 revenue down 8.3% (full year: -9.6%). Continued very challenging macro-economic conditions and disappointing weather in Ireland has led to the total soft drinks market, as measured by Nielsen, contracting further. Relatively stronger performance in the grocery channel has negatively impacted ARP, despite the successful implementation of a price increase and margin accretive innovation launched this year.

France Q4 revenue down 1.5%. A solid performance following the particularly strong comparative with the hot summer of Q4 last year.

International Q4 revenue growth of 9.5% (full year: +12.8%). Very encouraging progress with our franchise operations.

Paul Moody, Chief Executive, commented:

"Our GB, French and International business units have delivered positive volume, price and revenue growth in the full year, despite the continued challenging economic backdrop and poor weather over the summer period.  Conditions in Ireland remain difficult.

Our overall Group performance reflects Britvic's strength in having a diversified portfolio of great brands, a strong innovation programme and our focus on maintaining price discipline. We expect to deliver full year results in line with our expectations for the Group in 2011."

[1] All numbers and comparisons are quoted on a 52 week basis, before exceptional and other items and are 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.  

Further information, including number not adjusted for double concentrate and last year 53 week numbers are available at the Investor Centre "Results and Presentations" section on the Britvic Investor Relations website at www.britvic.com

[2] France is included for the full 12 months this year versus only 4 month in the prior period. Consequently this full year revenue growth rate is on a non audited pro-forma basis.

Britvic Revenue, Volume and ARP after adjustment for Impact of Robinsons and MiWadi Double Concentrate

	Actual		Actual Exchange Rate		Constant Exchange Rate
			% Change on last year***		% Change on last year***
	Q4	Full Year	Q4	Full Year	Q4	Full Year
Revenue
GB Carbonates	129.8	502.6	8.3%	7.3%	-	-
GB Stills	86.1	351.2	-5.2%	-3.2%	-	-
GB Total	215.9	853.8	2.5%	2.7%	-	-
International	8.1	29.1	9.5%	12.8%	-	-
GB & International	224.0	882.9	2.7%	3.0%	-	-
Ireland (£)	44.4	162.8	-4.9%	-9.1%	-8.3%	-9.6%
Group ex-France	268.4	1,045.7	1.4%	0.9%	0.7%	0.8%
France (£) **	64.0	244.7	2.9%	187.2%	-1.5%	174.9%
GROUP (£)	332.4	1,290.4	1.7%	15.1%	0.3%	14.6%
Average Realised Price ("ARP")
GB Carbonates	45.3	44.5	3.4%	4.2%	-	-
GB Stills	70.3	71.2	-1.3%	1.0%	-	-
GB Total	52.8	52.6	0.6%	1.9%	-	-
International	75.0	77.0	2.3%	4.5%	-	-
GB & International	53.4	53.1	0.8%	2.1%	-	-
Ireland (£)	57.3	58.7	-1.4%	0.5%	-4.7%	0.0%
Group ex-France	53.8	53.8	0.2%	1.9%	-0.2%	1.9%
France (£) **	91.0	85.6	12.1%	5.0%	7.2%	0.5%
GROUP (£)	58.6	58.0	1.9%	6.8%	0.7%	6.2%
Volume
GB Carbonates	286.5	1,130.5	4.6%	3.0%	-	-
GB Stills	122.4	493.5	-4.0%	-4.1%	-	-
GB Total	408.9	1,624.0	1.9%	0.8%	-	-
International	10.8	37.8	6.9%	8.0%	-	-
GB & International	419.7	1,661.8	2.0%	0.9%	-	-
Ireland	57.2	210.8	-6.8%	-8.0%	-	-
Group ex- France	476.9	1,872.6	0.8%	-0.2%	-	-
France **	70.3	286.0	-8.2%	173.7%	-	-
GROUP	547.2	2,158.6	-0.4%	9.0%	-	-

** France is included for the full 12 months this year versus only 4 month in the prior period.

*** All numbers and comparisons are quoted on a 52 week basis, before exceptional and other items. Volume and ARP are adjusted for the impact of double concentrate on Robinsons and MiWadi to provide meaningful comparison. 

Further information, including numbers not adjusted for double concentrate and last year 53 week numbers are available at the Investor Centre in "Results and Presentations" section on the Britvic Investor Relations website at www.britvic.com 

The Soft Drinks Market

Nielsen figures show that the total GB soft drinks market returned to growth in the fourth quarter.  Volume grew by 2.1% in the quarter and value grew by 6.9%. The carbonates category continued to perform better than stills with volume growing 5.7% and stills declining by 1.2%

In Ireland the market contraction continued in quarter four, with volume down by 5.6% in take home and value down by 5.1%. The grocery channel continued to perform relatively better than the convenience channel.

In France market data provided by IRI shows the total soft drinks market to the end of August grew with volumes up 2.3% and value up 3.6%. However in the last 12 weeks the syrups category, which is particularly weather sensitive, declined by 4.9% and Juice by 1.8%, reflecting the tough comparative versus the prior year.

For further information please contact:

Investors:
Rupen Shah	[phone]
Media:
Mike Smith/Zoe Bird (Brunswick)	[phone]
Marisa Fitch	[phone]

There will be a conference call today at 9.30am for investors and analysts with Paul Moody (Chief Executive) and John Gibney (Group Finance Director) and a further conference call at 1.30pm (8.30am Eastern Standard Time) today primarily for US investors, note holders and analysts. There will be an opportunity on both calls to ask questions. 

UK Access Number	[phone]
UK Toll Free	0800 368 1950
US Access Number	[phone]
US Toll Free	[phone]
Pin Number	298386#

A recording of both calls will be available for thirty days.

UK Toll Access Number	[phone]
UK Toll Free Access Number	0800 368 1890
US Toll Free Access Number	[phone]
Conference References	380134# (9.30am call) 380136# (1.30pm call)

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, Drench, J₂O and Fruit Shoot 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 four reporting period

Britvic GB and Britvic International's fourth-quarter period runs from 11^th July 2011 to 2^nd October 2011. Britvic Ireland and Britvic France covers the period from 1^st July 2011 to 2^nd October 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. The acquisition of Britvic France was completed on 28^th May 2010; any reference to 2010 full year comparatives are for illustration purposes only and are non-audited.

Market Data

GB take-home market data referred to in this announcement is supplied by Nielsen and runs to 1^st October 2011. ROI grocery market data referred to in this announcement is supplied by Nielsen and runs to 4^th September 2011. French market data is supplied by IRI and runs to 28^th of August 2011.

Next Scheduled Announcement

Britvic will publish its preliminary results announcement on 30^th November 2011.

 

END

 

 

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