TIDMBVIC
RNS Number : 1817D
Britvic plc
27 January 2015
Britvic plc ("Britvic") Q1 Interim Management Statement to 21
December 2014
All numbers and comparisons are quoted on a constant exchange
rate basis, unless otherwise stated.
Britvic today reports its quarter one trading performance for
the twelve weeks to 21 December 2014. As anticipated at our prelims
in November, trading in the first quarter of the FY15 financial
year reflects the challenging trading conditions in our core
markets. However, we remain confident of delivering EBIT in the
previously stated guidance range of GBP164m to GBP173m, underpinned
by our cost saving initiatives.
Q1 headlines:
-- Group revenue of GBP304.3m down 0.4% on last year, driven by
a marginal volume decline of 0.3% whilst ARP remained flat
-- GB revenue declined 1.4%, in a notably more competitive promotional environment
-- Ireland revenue increased 2.8%, driven by both volume and ARP growth
-- France revenue increased 2.3%, with an ARP decline of 0.4%
offset by a volume increase of 2.6%
-- International revenue declined 3.6%, mainly due to lower
volumes in the travel sector combined with lower orders for US
concentrate compound. A change in our manufacturing process has
enabled significantly shortened order lead times
GB revenue declined 1.4% in a particularly competitive
promotional environment whilst the take-home soft drinks market
value declined 0.5%. Following a slow start, the quarter ended with
a much stronger performance during the peak Christmas trading
period.
Carbonates revenue declined by 0.5%, with modest volume and ARP
declines of 0.2% and 0.4% respectively. This resulted in an
out-performance of the GB take-home carbonates category, as
measured by Nielsen. A successful Christmas campaign resulted in
our Pepsi and fruit carbonate brands gaining value share.
Stills revenue declined by 3.0%, largely due to a volume
reduction of 2.8%. This was primarily due to a decline in the
squash category, with Robinsons losing marginal share. Our new
brand launches, supported by significant investment, will be
in-market at the end of quarter two.
Ireland Q1 revenue grew 2.8%, with a volume increase of 1.4% and
a robust ARP increase of 2.8%. There was a decline in third-party
brands sold through Counterpoint, which is reported in our revenue
number, but not our volume and ARP metrics. As a result our own
brand performance was stronger than the reported number compared to
the take-home market, as measured by Nielsen, which grew volume and
value by 3.0% and 0.6% respectively.
France Q1 revenue grew 2.3%, with a volume increase of 2.6% in a
flat soft drinks market. We continued to take market share in the
syrups, juice and kids categories. Teisseire was supported by the
recently launched pump bottle innovation. Teisseire Fruit Shoot
continued to grow the kid's category and further build its number
one position.
International Q1 revenue declined 3.6%. Export volumes were down
8.8%, as we lapped stock builds from new contract wins in the
travel sector last year. In the USA, concentrate shipments remain
volatile on a quarterly basis, but have significantly reduced this
quarter due to the introduction of a new franchise compound
manufacturing process, which materially reduces both order lead
times and the required stockholding of our bottlers. Sales momentum
continued to build as we plan for the second half launch of the
Fruit Shoot multipack in the USA.
Simon Litherland, Chief Executive, commented:
"Our first quarter performance reflects the guidance we gave at
our preliminary results in November. Whilst we expect the trading
environment to remain challenging, we have strong marketing plans
and a significant innovation pipeline in place for 2015. These
strong commercial plans, supported by ongoing cost benefits from
our major strategic initiatives programme, mean that we remain
confident of delivering further profitable growth in 2015 in line
with our guidance range."
For further information please contact:
Investors:
Rupen Shah (PLC Finance and Investor Relations
Director) +44 (0) 1442 284330
Steve Nightingale (Director of Investor
Relations) +44 (0) 1442 284330
Media:
Susan Turner (Director of Corporate Affairs) +44 (0) 7808 098579
Ben Foster (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 One ("Q1") reporting period
Britvic GB, Ireland and Britvic International's first-quarter
period runs from 29 September to 21 December 2014. Britvic France
and Counterpoint covers the period from 1 October to 31 December
2014. 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 20 December 2014. ROI take-home
market data referred to in this announcement is supplied by Nielsen
and runs to 28 December 2014. French market data is supplied by IRI
and runs to 14 December 2014.
Next Scheduled Announcement
Britvic will publish its interim results on 20 May 2015.
Britvic revenue, volume and ARP
Quarter 1 Actual % Change on last year
------------------------------------ ------- ------------------------------------
Actual Exchange Constant Exchange
Rate Rate
------------------------------------ ------- ---------------- ------------------
Revenue GBPm
------------------------------------ ------- ---------------- ------------------
GB Carbonates 134.5 -0.5% -0.5%
------------------------------------ ------- ---------------- ------------------
GB Stills 73.2 -3.0% -3.0%
------------------------------------ ------- ---------------- ------------------
GB Total 207.7 -1.4% -1.4%
------------------------------------ ------- ---------------- ------------------
International 10.7 -5.3% -3.6%
------------------------------------ ------- ---------------- ------------------
Ireland (GBP) 32.6 -4.1% 2.8%
------------------------------------ ------- ---------------- ------------------
France (GBP) 53.3 -4.5% 2.3%
------------------------------------ ------- ---------------- ------------------
GROUP (GBP) 304.3 -2.4% -0.4%
------------------------------------ ------- ---------------- ------------------
Average Realised Price ("ARP") PPL
------------------------------------ ------- ---------------- ------------------
GB Carbonates 46.2 -0.4% -0.4%
------------------------------------ ------- ---------------- ------------------
GB Stills 87.8 -0.2% -0.2%
------------------------------------ ------- ---------------- ------------------
GB Total 55.5 -0.5% -0.5%
------------------------------------ ------- ---------------- ------------------
International 115.1 3.9% 5.8%
------------------------------------ ------- ---------------- ------------------
Ireland 51.7 -3.9% 2.8%
------------------------------------ ------- ---------------- ------------------
France 84.3 -7.0% -0.4%
------------------------------------ ------- ---------------- ------------------
GROUP 59.9 -1.6% 0.0%
------------------------------------ ------- ---------------- ------------------
Volume M Litres
------------------------------------ ------- ---------------- ------------------
GB Carbonates 290.9 -0.2% -0.2%
------------------------------------ ------- ---------------- ------------------
GB Stills 83.4 -2.8% -2.8%
------------------------------------ ------- ---------------- ------------------
GB Total 374.3 -0.8% -0.8%
------------------------------------ ------- ---------------- ------------------
International 9.3 -8.8% -8.8%
------------------------------------ ------- ---------------- ------------------
Ireland 51.6 1.4% 1.4%
------------------------------------ ------- ---------------- ------------------
France 63.2 2.6% 2.6%
------------------------------------ ------- ---------------- ------------------
GROUP 498.4 -0.3% -0.3%
------------------------------------ ------- ---------------- ------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSDMGZMNVDGKZM
Britvic (LSE:BVIC)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Britvic (LSE:BVIC)
Historical Stock Chart
Von Sep 2023 bis Sep 2024