TIDMBVIC
RNS Number : 1287W
Britvic plc
23 January 2013
Britvic plc ("Britvic") Quarter 1 Interim Management Statement
23 January 2013(1)
Britvic today reports its first quarter trading
performance(1)
-- Group revenue up 4.8% to GBP303.2m, with strong growth in average realised price
-- GB revenue up 5.4%, led by GB carbonates revenue growth of 9.2%
-- France revenue growth of 4.3%, driven by average realised price
Britvic today announces that agreement has been reached with PAB
(PepsiCo Americas Beverages) to accelerate the distribution of
Fruit Shoot to a total of 30 US states by summer 2013 and with
PepsiCo South West Europe for the national distribution of Fruit
Shoot in Spain commencing early spring 2013.
GB revenue grew 5.4% with volume and ARP (average realised
price) increasing by 2.1% and 3.2% respectively. By comparison
Nielsen reports that during this period the take-home soft drinks
market grew in value by 1.3% but declined in volume by 2.4%.
Carbonates performed particularly strongly with revenue growth
of 9.2% exceeding last year's growth of 5.8%. ARP was up 3.9% and
volumes increased by 4.9% as our brands took both volume and value
take-home market share.
Stills revenue, impacted by the limited Fruit Shoot supply
levels, declined by 0.7%. Excluding Fruit Shoot, however, our GB
Stills segment was in growth. Robinsons continued to grow its
market share versus the prior year, with double concentrate
performing especially well as consumers respond positively to our
improved marketing and sales execution. The success of moving
consumers from single to double concentrate was a key driver of the
6.2% ARP growth whilst volume declined by 6.4%. The return of Fruit
Shoot to market is in line with our plan with production levels now
back to previous historical levels.
Ireland revenue declined 2.8%, due to the third party products
that we distribute in our licensed wholesale business. Our own
brands outperformed a weak market, and we grew our own brand
revenues with ARP up 7.6% against a volume decrease of 2.4%.
Nielsen reports that the Irish take-home soft drinks market
declined by 7.6% in volume and 5.0% in value during the last
quarter, with impulse performing substantially worse.
France revenue grew 4.3% following last year's 12.6% growth. ARP
grew by 7.3% benefitting from the price increase and pack changes
implemented last year during this quarter. The take-home soft
drinks market in France, declined in volume by 1.7% with value flat
during the quarter.
International revenue grew by 35.6% with ARP up 17.5% and
volumes up 15.4%. This very strong performance in the quarter was
led by the successful reintroduction of Fruit Shoot in the
Netherlands which is back to historical supply and distribution
levels.
Following successful Fruit Shoot trials in nine states with PAB
(PepsiCo Americas Beverages) and independent Pepsi bottlers, an
agreement with PAB has been reached to accelerate US Fruit Shoot
distribution. The agreement provides for the roll out of Fruit
Shoot into the convenience and gas channel in an additional 21
states, resulting in Fruit Shoot being available in a total of 30
states by summer 2013. A further development in the International
growth of Fruit Shoot is the announcement today of an agreement
with PepsiCo South West Europe for the national distribution of
Fruit Shoot in Spain. This agreement includes both the grocery and
convenience market, and will commence in early spring 2013. PepsiCo
Spain is a fully integrated and owned bottler of PepsiCo themselves
and has strong distribution of both beverages and snack foods.
Merger: As per the announcements made on the 8 January and 16
January, we have now received shareholder approval for the proposed
merger with A.G. Barr plc. Subject to the satisfaction of certain
conditions, including approval by the Office of Fair Trading, the
expected effective date of the merger is 26 February 2013.
[1] All numbers and comparisons are quoted on a constant
exchange rate basis, unless otherwise stated. As previously
communicated, volumes and ARP are no longer adjusted for the impact
of double concentrate on Robinsons and MiWadi as numbers for the
current and prior year are now on a comparable basis.
Paul Moody, Chief Executive, commented:
"Our business units have delivered a much improved performance
in the first quarter of the year resulting in group revenue growth
of 4.8%.
In GB we have delivered strong carbonates revenue and market
share growth, continued to increase Robinsons share of the squash
market and are on track with the Fruit Shoot return to market plan.
The performance in both France and Ireland has been encouraging.
The growth of Fruit Shoot internationally accelerates with the
launch in Spain, and we will have substantially increased Fruit
Shoot distribution in the US in time for the summer.
The second quarter has started more slowly reflecting the
continuing challenging economic and trading environment. However,
overall we are confident that the business is well positioned to
meet these challenges."
Britvic revenue, volume and ARP
Quarter 1 Actual % Change on last year
------------------------------------ ------- -----------------------------------------
Actual Exchange Constant Exchange Rate
Rate
------------------------------------ ------- ---------------- -----------------------
Revenue GBPm
------------------------------------ ------- ---------------- -----------------------
GB Carbonates 131.9 9.2% -
------------------------------------ ------- ---------------- -----------------------
GB Stills 75.7 -0.7% -
------------------------------------ ------- ---------------- -----------------------
GB Total 207.6 5.4% -
------------------------------------ ------- ---------------- -----------------------
International 8.0 35.6% -
------------------------------------ ------- ---------------- -----------------------
Ireland (GBP) 34.4 -9.0% -2.8%
------------------------------------ ------- ---------------- -----------------------
France (GBP) 53.2 -2.4% 4.3%
------------------------------------ ------- ---------------- -----------------------
GROUP (GBP) 303.2 2.7% 4.8%
------------------------------------ ------- ---------------- -----------------------
Average Realised Price ("ARP") PPL
------------------------------------ ------- ---------------- -----------------------
GB Carbonates 44.8 3.9% -
------------------------------------ ------- ---------------- -----------------------
GB Stills 85.3 6.2% -
------------------------------------ ------- ---------------- -----------------------
GB Total 54.2 3.2% -
------------------------------------ ------- ---------------- -----------------------
International 88.8 17.5% -
------------------------------------ ------- ---------------- -----------------------
Ireland (GBP) 53.8 -0.9% 7.6%
------------------------------------ ------- ---------------- -----------------------
France (GBP) 85.1 0.4% 7.3%
------------------------------------ ------- ---------------- -----------------------
GROUP (GBP) 58.6 2.4% 4.6%
------------------------------------ ------- ---------------- -----------------------
Volume M Litres
------------------------------------ ------- ---------------- -----------------------
GB Carbonates 294.2 4.9% -
------------------------------------ ------- ---------------- -----------------------
GB Stills 88.8 -6.4% -
------------------------------------ ------- ---------------- -----------------------
GB Total 383.0 2.1% -
------------------------------------ ------- ---------------- -----------------------
International 9.0 15.4% -
------------------------------------ ------- ---------------- -----------------------
Ireland 52.1 -2.4% -
------------------------------------ ------- ---------------- -----------------------
France 62.6 -2.6% -
------------------------------------ ------- ---------------- -----------------------
GROUP 506.7 1.2% -
------------------------------------ ------- ---------------- -----------------------
For further information please contact:
Investors:
Rupen Shah/Steve Nightingale +44 (0)1442 284330
Media:
Mike Smith/Nick Cosgrove (Brunswick) +44 (0)207 404 5959
Marisa Fitch +44 (0)7808 098 292
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, J(2) O, 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,
franchising and acquisition. 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 1 October 2012 to 23 December 2012. Britvic Ireland and
Britvic France covers the period from 1 October 2012 to 31 December
2012. 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 22 December 2012. ROI take-home
market data referred to in this announcement is supplied by Nielsen
and runs to 2 December 2012. French market data is supplied by IRI
and runs to 16 of December 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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