TIDMBVIC
RNS Number : 6968Q
Britvic plc
17 October 2013
Britvic plc ("Britvic") 52 Week (full year) Trading Update to 29
September 2013
All numbers and comparisons are quoted on a constant exchange
rate basis, unless otherwise stated.
Britvic today reports its Q4 and full year trading update. Each
of our core markets benefitted from the warm weather in July and,
despite the continued challenging consumer environment, the group
has grown both price and volume, and in each of our markets we grew
market value share. As a result of this strong performance, we
anticipate that operating profit will now be slightly above
previous guidance.
Q4 highlights:
-- Group revenue up 12.8% (15.9% Actual Exchange Rate) to
GBP366.4m, benefitting from the warm weather in July and full
availability of Fruit Shoot compared to this time last year
-- Volume and pricing growth in GB, France and International
-- Fruit Shoot market share in GB back to pre-recall levels and
ahead in France and the Netherlands
Full Year highlights:
-- Group revenue growth of 4.4% (5.2% AER) to GBP1,321.9m
-- Significant pricing growth of 5.4%, with all business units in growth
-- Marginal decline in volume, reflecting the limited Fruit
Shoot availability earlier in the year and the weak Irish
market
-- Operating profit expected to be slightly above the top end of
the GBP125m to GBP131m previous guidance range
GB Q4 revenue increased by 13.8% (FY: +4.4%). As measured by
Nielsen, the take-home soft drinks market grew value in the last 12
weeks by 9.8% and volume by 7.8%. In this period Britvic
outperformed the market and grew value share.
-- GB carbonates revenue grew by 8.6% as a result of Average
Realised Price (ARP) growth of 2.0% and volume growth of 6.7%.
Pepsi grew both volume and value market share in Q4 in a
competitive market.
-- GB stills revenue was up 23.2%, driven by ARP growth of 6.2%
and volume growth of 16.2%. Fruit Shoot's market share and brand
perception measures are now back to pre-recall levels.
Ireland Q4 revenue increased by 1.8% (FY: -3.5%). The underlying
trading conditions remained largely unchanged from last year with
the revenue growth in Q4 reflecting the benefit of the good
weather. ARP was down 2.9% in Q4, reflecting the ongoing consumer
focus on value.
France Q4 revenue grew by 13.5% (FY: +6.2%). Volume increased by
6.6% and ARP grew by 6.5% in Q4. Fruit Shoot performance was strong
and the brand performed ahead of where it was pre-recall. The warm
weather in France benefitted the syrups category in particular and
our brands continued to gain share in the category.
International Q4 revenue increased by 35.7% (FY: +28.0%). In the
Netherlands, Fruit Shoot continued to perform ahead of where it was
pre-recall. The US franchise business continued to progress with
Fruit Shoot distribution now in 32 states.
Simon Litherland, Chief Executive, commented:
"We have delivered another strong performance in Q4, growing
volume and revenue in all our business units and increasing our
market value share. While we have benefitted from the good weather
this summer, especially in July, we are particularly pleased to see
that Fruit Shoot's market share is now back at pre-recall levels
and continues to grow. As a result of this strong Q4 performance,
we expect that our operating profit will be slightly above our
previous guidance.
In each of our markets the consumer environment is challenging
as disposable incomes remain under pressure and consumers continue
to seek value. As we move into the new financial year our focus is
on delivering the new strategy and cost-saving initiatives we
communicated in May. We will update on progress in more detail at
our Preliminary results on 26 November."
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 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 Four ("Q4") reporting period
Britvic GB and Britvic International's third-quarter period runs
from 8 July to 29 September 2013. Britvic Ireland and Britvic
France covers the period from 1 July to 30 September, though
internally reports on a monthly basis. Please note that Britvic
Ireland's volume and ARP exclude the sale of third-party factored
brands.
Market Data
GB take-home market data referred to in this announcement is
supplied by Nielsen and runs to 28 September 2013. ROI take-home
market data referred to in this announcement is supplied by Nielsen
and runs to 8 September 2013. French market data is supplied by IRI
and runs to 22 September 2013.
Next Scheduled Announcement
Britvic will publish its Preliminary results on 26 November.
Britvic revenue, volume and ARP
Actual Actual Constant
exchange exchange
rate rate
-------------------- ----------------
% Change % Change
on last on last
year year
-------------------- ------ -------- -------------- --------------
Q4 YTD Q4 YTD Q4 YTD
-------------------- ------ -------- ------ ------ ------ ------
Revenue GBPm
-------------------- ------ -------- ------ ------ ------ ------
GB Carbonates 143.9 536.4 8.6% 3.6% 8.6% 3.6%
-------------------- ------ -------- ------ ------ ------ ------
GB Stills 91.2 340.1 23.2% 5.7% 23.2% 5.7%
-------------------- ------ -------- ------ ------ ------ ------
GB Total 235.1 876.5 13.8% 4.4% 13.8% 4.4%
-------------------- ------ -------- ------ ------ ------ ------
International 9.5 37.5 35.7% 28.0% 35.7% 28.0%
-------------------- ------ -------- ------ ------ ------ ------
Ireland 40.5 136.9 10.4% -1.3% 1.8% -3.5%
-------------------- ------ -------- ------ ------ ------ ------
France 81.3 271.0 23.6% 8.9% 13.5% 6.2%
-------------------- ------ -------- ------ ------ ------ ------
GROUP 366.4 1,321.9 15.9% 5.2% 12.8% 4.4%
-------------------- ------ -------- ------ ------ ------ ------
Average Realised
Price ("ARP") PPL
-------------------- ------ -------- ------ ------ ------ ------
GB Carbonates 46.8 46.5 2.0% 3.6% 2.0% 3.6%
-------------------- ------ -------- ------ ------ ------ ------
GB Stills 85.2 85.3 6.2% 6.9% 6.2% 6.9%
-------------------- ------ -------- ------ ------ ------ ------
GB Total 56.7 56.5 4.6% 4.8% 4.6% 4.8%
-------------------- ------ -------- ------ ------ ------ ------
International 99.0 99.5 30.1% 29.6% 30.1% 29.7%
-------------------- ------ -------- ------ ------ ------ ------
Ireland 57.9 56.8 5.1% 4.6% -2.9% 2.3%
-------------------- ------ -------- ------ ------ ------ ------
France 107.4 97.6 15.9% 9.2% 6.5% 6.4%
-------------------- ------ -------- ------ ------ ------ ------
GROUP 64.4 62.8 7.3% 6.3% 4.5% 5.4%
-------------------- ------ -------- ------ ------ ------ ------
Volume - m litres
-------------------- ------ -------- ------ ------ ------ ------
GB Carbonates 307.8 1,153.9 6.7% 0.0% 6.7% 0.0%
-------------------- ------ -------- ------ ------ ------ ------
GB Stills 107.1 398.7 16.2% -1.0% 16.2% -1.0%
-------------------- ------ -------- ------ ------ ------ ------
GB Total 414.9 1,552.6 9.0% -0.3% 9.0% -0.3%
-------------------- ------ -------- ------ ------ ------ ------
International 9.6 37.7 4.3% -1.3% 4.3% -1.3%
-------------------- ------ -------- ------ ------ ------ ------
Ireland 58.0 199.0 8.6% -1.1% 8.6% -1.1%
-------------------- ------ -------- ------ ------ ------ ------
France 75.7 277.6 6.6% -0.3% 6.6% -0.3%
-------------------- ------ -------- ------ ------ ------ ------
GROUP 558.2 2,066.9 8.5% -0.4% 8.5% -0.4%
-------------------- ------ -------- ------ ------ ------ ------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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