Britvic Sees Fiscal Year 2020 Adjusted Profit Above Market Views; Cautions on Fiscal Year 2021
20 October 2020 - 6:02PM
Dow Jones News
By Ian Walker
Britvic PLC said Tuesday that adjusted profit for fiscal 2020 is
expected to be slightly ahead of consensus forecasts after a
better-than-expected peak summer period, but cautioned that the
reintroduction of lockdown restrictions and continued
social-distancing measures will hurt its performance next year.
The U.K. soft-drinks maker--which houses the Fruit Shoot,
Robinsons, Tango and J2O brands among its portfolio--added that
despite this the board is confident in its long-term prospects, and
expects to rebuild investment in 2021.
The company hasn't provided any figures. However, a consensus
estimate puts adjusted earnings before interest and tax at 155.3
million pounds ($201.1 million), taken from FactSet and based on
four analysts' forecasts, compared with GBP214 million for the year
ended Sept. 29, 2019.
Britvic said it expects to report net debt of GBP40 million to
GBP50 million, reflecting a disciplined cash management.
In addition, Britvic said it has signed a new and exclusive
20-year franchise bottling deal with PepsiCo Inc. for the
production, distribution marketing and sales of its carbonated soft
drink brands--including Pepsi, 7UP and Mountain Dew--in Great
Britain.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 20, 2020 02:47 ET (06:47 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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