TIDMBVIC
RNS Number : 2194M
Britvic plc
27 July 2017
Britvic plc ("Britvic")
Q3 Trading Statement to 9 July 2017
"Strong execution, on-track to achieve current market
expectations"
All numbers quoted are on a constant currency basis and before
exceptional and other items, unless otherwise stated.
Britvic today reports third quarter revenue of GBP384.6m, an
increase in constant currency of 6.5% on the prior year. Volume in
the period increased by 2.3% and ARP increased 2.9%. Organic
revenue, excluding the recent acquisition of Bela Ischia, increased
4.5% with volume and ARP ahead of the prior year.
Simon Litherland, Chief Executive, commented:
"Our business is in good shape, we have continued to execute our
strategic priorities and deliver a robust performance, whilst
taking proactive action to successfully mitigate external
headwinds. Trading in the third quarter has been strong with group
volumes, ARP and revenue ahead of last year, driven by a range of
factors including our focus on growth channels, successful revenue
management, delivery of our business capability programme and
favourable weather. Looking ahead to the full year, we remain
confident that EBITA will be in line with current market
expectations despite challenging comparatives for the fourth and
largest quarter and a mixed economic backdrop."
Quarter Three Highlights
GB revenue increased 4.9%, with volume growth of 3.4% and ARP
growth of 1.5%. Whilst our grocery performance was subdued, we grew
strongly in the convenience and on-trade channels. GB carbonates
revenue increased 7.6%, led by Pepsi Max and R Whites, with volume
growth of 2.7% and ARP growth of 4.9%. GB stills revenue declined
0.4% with volume growth of 5.7%, offset by an ARP decline of 5.8%.
Both Robinsons and Fruit Shoot volumes increased, but pricing was
weaker due to aggressive competition in grocery.
France revenue increased 11.0% with volume growth of 3.9% and an
ARP increase of 6.8%. The continued growth of our brands ahead of
private label and positive brand mix resulted in improved average
realised price. In the quarter, the syrups range benefited from
very warm weather and Fruit Shoot continued to build its category
leading position.
Ireland revenue increased 10.6%, driven by our wholesale
business Counterpoint, which also benefited from the recent
acquisition of East Coast Suppliers. Branded volumes, which exclude
wholesale, declined 2.4% as we lapped a large comparable
period.
We continue to internationalise our business and invest for
future growth. International revenue was flat in the quarter, with
USA Fruit Shoot multipack continuing to grow but singles adversely
affected by the phasing of shipments of concentrate. Performance in
Benelux was subdued as we continued to focus on improving product
mix and margin.
As previously indicated, market conditions in Brazil remained
challenging. Our brands have continued to take share and the
roll-out of Fruit Shoot continues to gain momentum, benefiting from
the combined geographical footprint of Ebba and Bela Ischia.
Integration is progressing well and we remain on track to deliver a
minimum $R10m of cost savings in 2018. Organic revenue, excluding
Bela Ischia, declined 22.5% against a +37% comparable increase last
year.
For further information please contact:
Investors
Steve Nightingale Director of Investor Relations +44 (0) 7808 09 7784
Media
Victoria McKenzie-Gould Director of Corporate Affairs +44 (0) 7885 82 8342
Ben Foster / Rosie Oddy Teneo Blue Rubicon +44 (0) 203 603 5229
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 Three ("Q3") reporting period
Britvic GB, Ireland and Britvic International's third-quarter
period runs from 17 April to 9 July 2017. Britvic France, Britvic
Brazil and Counterpoint cover the period from 1 April to 30 June
2017. Please note that Britvic Ireland's volume and ARP exclude the
sale of third-party factored brands through Counterpoint.
Market data
GB take-home market data referred to in this announcement is
supplied by Nielsen and runs to 8 July 2017. ROI take-home market
data is supplied by Nielsen and runs to 18 June 2017. French market
data is supplied by IRI and runs to 25 June 2017.
Next scheduled announcement
Britvic will release its preliminary results on 29 November
2017.
Notes to editors
About Britvic
Britvic is one of the leading branded soft drinks businesses in
Europe. The company combines its own leading brand portfolio
including Robinsons, Tango, J2O, Fruit Shoot, Teisseire and MiWadi
with PepsiCo brands such as Pepsi, 7UP and Lipton Ice Tea 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, in
France with brands such as Teisseire and Pressade and in Brazil
with Maguary and Dafruta. Britvic is growing its reach into other
territories through franchising, export and licensing. 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 and is a constituent of
the FTSE 250 index.
Britvic Revenue, Volume and Average Realised Price (ARP)
Actual Actual exchange rate % on Constant exchange rate % on
last year last year
------------------------------------ -----------------
Q3 YTD Q3 YTD Q3 YTD
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Revenue GBPm
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Carbonates 152.6 453.8 7.6% 4.2% 7.6% 4.2%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Stills 72.7 216.5 -0.4% -1.9% -0.4% -1.9%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Total 225.3 670.3 4.9% 2.1% 4.9% 2.1%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
International 15.7 41.9 7.5% 18.0% 0.0% 8.3%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Ireland 39.7 120.0 18.9% 24.6% 10.6% 12.4%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
France 77.4 212.1 21.5% 23.1% 11.0% 8.1%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Brazil 26.5 96.6 33.8% 51.2% 6.4% 9.5%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
TOTAL GROUP 384.6 1,140.9 11.1% 11.4% 6.5% 5.0%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Organic (ex-Bela Ischia) 377.4 1,129.5 9.0% 10.3% 4.5% 4.0%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Average Realised Price ("ARP") PPL
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Carbonates 48.8p 47.4p 4.9% 1.9% 4.9% 1.9%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Stills 75.3p 79.1p -5.8% -4.8% -5.8% -4.8%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Total 55.0p 54.5p 1.5% -0.2% 1.5% -0.2%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
International 146.7p 141.1p 10.6% 18.9% 2.8% 9.0%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Ireland 55.3p 54.9p 7.6% 10.0% 0.4% -0.5%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
France 105.0p 98.3p 16.9% 19.0% 6.8% 4.5%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Brazil 70.5p 71.2p 38.8% 57.9% 10.5% 14.3%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
TOTAL GROUP 64.0p 62.6p 7.2% 8.1% 2.9% 2.1%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Organic (ex-Bela Ischia) 64.0p 62.5p 7.2% 7.9% 2.9% 2.0%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Volume - m litres
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Carbonates 312.8 957.2 2.7% 2.3% 2.7% 2.3%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Stills 96.6 273.6 5.7% 3.0% 5.7% 3.0%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
GB Total 409.4 1,230.8 3.4% 2.4% 3.4% 2.4%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
International 10.7 29.7 -2.7% -0.7% -2.7% -0.7%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Ireland 52.4 164.4 -2.4% 4.1% -2.4% 4.1%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
France 73.7 215.8 3.9% 3.5% 3.9% 3.5%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Brazil 37.6 135.7 -3.6% -4.2% -3.6% -4.2%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
TOTAL GROUP 583.8 1,776.4 2.3% 2.1% 2.3% 2.1%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
Organic (ex-Bela Ischia) 573.4 1,760.2 0.5% 1.2% 0.5% 1.2%
------------------------------------ ------- -------- ------------- ------------- -------------- --------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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