TIDMBVIC
RNS Number : 1603N
Britvic plc
24 July 2014
Britvic plc ("Britvic") Q3 Interim Management Statement to 6
July 2014
All numbers and comparisons are quoted on a constant exchange
rate basis, unless otherwise stated.
Britvic today reports its trading performance for the 12 weeks
to 6 July 2014. Group revenue was GBP329.5m, an increase of 4.1% on
a comparable(1) basis (reported +5.3%) and Q3 volume was up 5.8%.
Average Realised Price (ARP) was down 1.4%, against a particularly
strong Q3 last year when ARP was up 6.2%.
Highlights:
-- GB revenue increased 4.6%, driven by carbonates revenue growth of 10.4%
-- Ireland comparable revenue declined 2.5%(1) , with volume up 1.0%(1)
-- France revenue increased 5.6%(2) , underpinned by both volume and ARP growth
-- Take-home market value share gains in GB, Ireland and France
-- International revenue increased 3.8%(2) , with Fruit Shoot
continuing to build momentum in the USA
-- Full year EBIT now expected to be towards the top end of the
GBP148m to GBP156m range guidance
GB revenue grew by 4.6% in Q3 (4.9% YTD)
GB carbonates revenue increased 10.4% in Q3, building on the
strong growth achieved in the first half of the year. Q3 carbonates
volume, led by Pepsi, increased by 9.9% and ARP increased by 0.4%
with growth across all main pack formats. Pepsi has delivered
another quarter of strong market share gain.
The stills category, excluding water, has declined in the
quarter with volume down 2.6% and value down 0.1%. Britvic stills
revenue declined by 3.9%, with both volume and ARP down. Fruit
Shoot and Robinsons have gained market share whilst J20 has shown
some weakness in the quarter, in part due to competitor promotional
activity.
Ireland revenue declined by 2.5%(1) in Q3 on a comparable basis
(-4.3% YTD(1) ). Volume in Q3 increased by 1.0%(1) , whilst ARP
declined by 1.3%(1) . Market value share gains have been achieved
in both the stills and carbonates categories. The reported revenue
in Q3 increased by 9.9% and volume increased by 14.4%, reflecting
the 7 additional trading days included this year as a result of
moving to weekly accounting.
France revenue grew by 5.6%(2) in Q3 (YTD 6.5%(2) ). Volume in
Q3 increased by 4.1%(2) with ARP increasing by 1.5%(2) a good
performance against a strong comparison last year. Revenue growth
has been achieved across the portfolio and Fruit Shoot has
reinforced its position as the number one brand in the children's
juice drink category.
International revenue grew by 3.8%(2) in Q3 (YTD +10.5%(2) ).
Revenue in Q3 was weaker than expected as the transfer of a Fruit
Shoot production line to France resulted in a short-term
restriction of supply into European export markets. Shipments of
concentrate to the USA have increased and in the US market Fruit
Shoot continues to gain momentum with new listings and new
independent bottler agreements secured in the last quarter. The
second manufacturing facility is now coming on-line.
Simon Litherland, Chief Executive, commented:
"We have delivered another strong quarter with comparable
revenue growth of 4.1%. The business has continued to grow, despite
the challenging retail trading and consumer environment in our
European markets. This year's innovations, including Robinsons
Squash'd, have performed well and our consumer marketing campaigns
have been highly impactful, including our sponsorship of the Tour
De France and the association of Pepsi with football, which helped
to deliver an exceptionally strong carbonates performance.
"Whilst we are now starting to lap particularly tough
comparatives as a result of the exceptionally warm weather last
summer, early trading in Q4 is in line with our expectations. As a
result of this and the delivery of our programmed cost savings from
our strategic initiatives, we anticipate that EBIT this year will
be towards the top end of the GBP148m to GBP156m range
guidance."
1. 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 7 days more trading compared to last
year. Prior year has not been restated to reflect this.
2. France export volume and revenue is now managed and accounted
for in the International business unit. Prior year in both France
and International has been restated to reflect this.
For further information please contact:
Investors:
Rupen Shah (PLC Finance and Investor Relations Director) +44 (0) 1442 284330
Steve Nightingale (Senior Investor Relations Manager) +44 (0)
1442 284330
Media:
Susan Turner (Director of Corporate Affairs) +44 (0) 7808
098579
Ben Foster/Rosie Oddy (Pendomer communications) +44 (0) 203 603 5220
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 Three ("Q3") reporting period
Britvic GB, Ireland and Britvic International's third-quarter
period runs from 14 April to 6 July 2014. Britvic France and
Counterpoint covers the period from 14 April to 30 June. 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 June 2014. ROI take-home market
data referred to in this announcement is supplied by Nielsen and
runs to 15 June 2014. French market data is supplied by IRI and
runs to 1 June 2014.
Next Scheduled Announcement
Britvic will publish its 52-week trading update on 23 October
2014.
Britvic revenue, volume and ARP
Actual Actual exchange rate Constant exchange rate
------------------------------------ ----------------
% Change on last year % Change on last year
------------------------------------ ------ -------- ------------------------ -------------------------
Q3 YTD Q3 YTD Q3 YTD
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
Revenue GBPm
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Carbonates 139.0 423.6 10.4% 7.9% 10.4% 7.9%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Stills 81.9 249.3 -3.9% 0.2% -3.9% 0.2%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Total 220.9 672.9 4.6% 4.9% 4.6% 4.9%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
International 13.8 40.9 3.0% 10.2% 3.8% 10.5%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
Ireland 31.1 95.3 6.5% -1.1% 9.9% -0.7%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
France 63.7 191.1 1.8% 5.8% 5.6% 6.5%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GROUP 329.5 1,000.2 4.2% 4.7% 5.3% 4.9%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
Average Realised Price ("ARP") PPL
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Carbonates 47.7 46.6 0.4% 0.4% 0.4% 0.4%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Stills 84.3 86.9 -2.3% 1.8% -2.3% 1.8%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Total 56.8 56.3 -2.1% -0.2% -2.1% -0.2%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
International 124.3 129.4 2.1% 11.6% 2.8% 11.9%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
Ireland 54.8 53.6 -5.0% -4.8% -1.8% -4.3%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
France 96.1 92.0 -2.2% 0.9% 1.5% 1.5%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GROUP 63.1 62.2 -2.6% 0.0% -1.6% 0.2%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
Volume - m litres
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Carbonates 291.5 908.2 9.9% 7.3% 9.9% 7.3%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Stills 97.2 286.8 -1.5% -1.6% -1.5% -1.6%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GB Total 388.7 1,195.0 6.8% 5.0% 6.8% 5.0%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
International 11.1 31.6 0.9% -1.3% 0.9% -1.3%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
Ireland 48.4 147.9 14.4% 4.9% 14.4% 4.9%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
France 66.3 207.8 4.1% 4.9% 4.1% 4.9%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
GROUP 514.5 1,582.3 7.0% 4.9% 7.0% 4.9%
------------------------------------ ------ -------- ----------- ----------- ------------ -----------
This information is provided by RNS
The company news service from the London Stock Exchange
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