TIDMBVIC
RNS Number : 7309Y
Britvic plc
29 January 2014
Britvic plc ("Britvic") Q1 Interim Management Statement to 22
December 2013
All numbers and comparisons are quoted on a constant exchange
rate basis, unless otherwise stated.
Britvic today reports its Q1 trading performance for the 12
weeks to 22 December 2013 and remains on track to deliver full year
EBIT in line with previous guidance of GBP148m to GBP156m. Despite
a continued challenging consumer environment in all of our markets
revenue increased by 2.8% (Actual Exchange Rate) and 1.3% (Constant
Exchange Rate) to GBP311.8m. The move of the Ireland Business Unit
to weekly reporting in FY14 has shortened its Q1 reporting period
compared to last year. Comparable revenue for the group, on a
constant exchange rate basis, increased by 2.3%.
Q1 highlights:
-- Positive price/mix led to an Average Realised Price (ARP) improvement of 2.7%
-- GB revenue growth of 1.5%, driven by robust ARP growth of 3.0%
-- Ireland revenue growth of 2.1%* on a comparable basis,
reported revenue declined 5.8%, due to 8 fewer trading days
-- France revenue growth of 4.7%**, underpinned by ARP growth of 4.5%
-- International revenue growth of 5.6%, driven by both price and volume growth
-- Delivery of strategic initiatives remains on track with good progress in the quarter
GB revenue grew by 1.5%. GB carbonates grew revenue by 2.5%,
building on strong growth in Q1 of the previous year of 9.2%.
Volume was down marginally whilst ARP grew by 3.6%. Pepsi continued
to outperform the cola category, growing take-home market value
share.
GB stills revenue declined 0.3% with a volume decline of 3.4%
being largely offset by a positive price/mix which helped ARP grow
by 3.2%. Fruit Shoot continued to grow in the quarter whilst
Robinsons and J(2) 0 volumes declined due to a combination of
competitor price activity and our ongoing focus on driving improved
returns as we continue to implement the commercial change
programme.
In a competitive market we continued to grow total GB take-home
market value share.
Ireland Q1 comparable revenue grew by 2.1%*. The underlying
performance has continued to improve, with both revenue* and
take-home market share in growth, despite trading conditions
remaining difficult. In the quarter we successfully launched
"Counterpoint", our licensed wholesale business which supplies the
pub and club channel.
France Q1 revenue grew by 4.7%**. Volume was broadly flat whilst
positive price/mix grew ARP by 4.5%, building on the Q1 growth that
we have seen in the last 2 years. Across the portfolio, we
continued to grow our branded market share, with Teisseire Fruit
Shoot, in particular, performing strongly.
International Q1 revenue grew by 5.6%. With both volume and ARP
growth, the International business unit continued to grow revenue.
In line with our expectations, revenue growth was slower than in
previous quarters due to the phasing of concentrate shipments to
the USA. Fruit Shoot continued to grow its market presence in the
USA, whilst in India we remain on-track to launch Fruit Shoot in
mid-2014.
Simon Litherland, Chief Executive, commented:
"We delivered a robust Q1 performance in each of our core
markets despite a challenging consumer environment. We continued to
make good progress implementing our new strategy and remain
on-track to deliver our cost reduction initiatives as planned this
year. Trading in the first few weeks of Q2 is ahead of last year,
and we remain confident that EBIT this year will be within the
range of GBP148m to GBP156m, which we communicated at our
preliminary results in November."
* As disclosed at the year-end the Irish business unit has now
changed its accounting periods as part of the integration with the
GB division. The business has moved from a monthly to a 4 weekly
accounting cycle and as a consequence, reported eight days less
trading compared to last year.
** France export volume and revenue is now managed and accounted
for in the International business unit. Prior year in both the
France and International business units has been restated to
reflect this.
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
Susan Turner +44 (0)7808 098 579
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 with 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 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.
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 ("Q1") reporting period
Britvic GB, Ireland and Britvic International's first-quarter
period runs from 30 September to 22 December 2013. Britvic France
and Counterpoint covers the period from 1 October to 31 December.
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 21 December 2013. ROI take-home
market data referred to in this announcement is supplied by Nielsen
and runs to 29 December 2013. French market data is supplied by IRI
and runs to 15 December 2013.
Next Scheduled Announcement
Britvic will publish its Interim results on 21 May 2014.
Britvic revenue, volume and ARP
Quarter 1 Actual % Change on last year
------------------------------------ ------- -----------------------------------------
Actual Exchange Constant Exchange Rate
Rate
------------------------------------ ------- ---------------- -----------------------
Revenue GBPm
------------------------------------ ------- ---------------- -----------------------
GB Carbonates 135.2 2.5% 2.5%
------------------------------------ ------- ---------------- -----------------------
GB Stills 75.5 -0.3% -0.3%
------------------------------------ ------- ---------------- -----------------------
GB Total 210.7 1.5% 1.5%
------------------------------------ ------- ---------------- -----------------------
International 11.3 8.7% 5.6%
------------------------------------ ------- ---------------- -----------------------
Ireland (GBP) 34.0 -1.2% -5.8%
------------------------------------ ------- ---------------- -----------------------
France (GBP) 55.8 9.8% 4.7%
------------------------------------ ------- ---------------- -----------------------
GROUP (GBP) 311.8 2.8% 1.3%
------------------------------------ ------- ---------------- -----------------------
Average Realised Price ("ARP") PPL
------------------------------------ ------- ---------------- -----------------------
GB Carbonates 46.4 3.6% 3.6%
------------------------------------ ------- ---------------- -----------------------
GB Stills 88.0 3.2% 3.2%
------------------------------------ ------- ---------------- -----------------------
GB Total 55.8 3.0% 3.0%
------------------------------------ ------- ---------------- -----------------------
International 110.8 7.6% 4.6%
------------------------------------ ------- ---------------- -----------------------
Ireland 53.8 0.0% -4.6%
------------------------------------ ------- ---------------- -----------------------
France 90.6 9.7% 4.5%
------------------------------------ ------- ---------------- -----------------------
GROUP 60.9 3.9% 2.7%
------------------------------------ ------- ---------------- -----------------------
Volume M Litres
------------------------------------ ------- ---------------- -----------------------
GB Carbonates 291.5 -0.9% -0.9%
------------------------------------ ------- ---------------- -----------------------
GB Stills 85.8 -3.4% -3.4%
------------------------------------ ------- ---------------- -----------------------
GB Total 377.3 -1.5% -1.5%
------------------------------------ ------- ---------------- -----------------------
International 10.2 1.0% 1.0%
------------------------------------ ------- ---------------- -----------------------
Ireland 50.9 -2.3% -2.3%
------------------------------------ ------- ---------------- -----------------------
France 61.6 0.2% 0.2%
------------------------------------ ------- ---------------- -----------------------
GROUP 500.0 -1.3% -1.3%
------------------------------------ ------- ---------------- -----------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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