TIDMBVIC
RNS Number : 4977V
Britvic plc
24 July 2018
Britvic plc ("Britvic")
Q3 Trading Statement to 8 July 2018
"Strong underlying Q3 performance, confident in full year
expectations"
All numbers quoted are on a constant currency basis unless
otherwise stated. All numbers reflect the adoption of IFRS15
"Revenue from Contracts with Customers", with prior year restated
to enable an accurate comparison of performance.
Britvic today reports third quarter revenue of GBP366.9m, an
increase of 3.4% on a strong comparative prior year number (+4.5%).
Revenue excluding the Soft Drinks Industry Levy (SDIL) decreased
0.6% over the third quarter. Year to date reported revenue
increased 4.2% (2.8% ex-SDIL) to GBP1,100.1m.
Simon Litherland, Chief Executive Officer, commented:
"Britvic has delivered a strong underlying performance in the
third quarter, through continuing outstanding execution of no sugar
carbonates and substantial growth from our stills brands. Whilst
the industry-wide shortage of carbon dioxide held back our ability
to fully capitalise on the exceptional weather in GB and Ireland,
we leveraged the breadth and strength of our portfolio to moderate
the impact. Consequently, we remain confident of achieving market
expectations for the full year."
Third Quarter Highlights
-- GB revenue increased 8.0% (+1.9% ex-SDIL), with GB carbonates
revenue increasing 6.1% (-2.9% ex-SDIL). Pepsi continued to gain
share, led by outstanding execution of MAX. There was a
well-documented disruption to the supply of carbon dioxide into the
UK and Ireland within the period, which impacted the wider food and
drink industry, including carbonated soft drinks. To ensure
continuity of supply across all trading channels, we temporarily
scaled back our promotional activity and reallocated some of our
secondary feature space to stills. Supply has now normalised,
enabling us to start rebuilding stock levels and gradually
reintroduce promotions. GB Stills revenue growth was particularly
strong, increasing 11.9% (+11.7% ex-SDIL). Underlying performance
continued to improve, led by strong growth for both Robinsons and
J20, and further enhanced by the additional display space
referenced above.
Since the introduction of the SDIL in April, the soft drinks
category has benefited from a prolonged period of unusually warm
weather. This, when coupled with the carbon dioxide shortage, makes
it difficult to disaggregate the effect of the Levy, and we
anticipate having a more informed view of the impact at the end of
the year. Early indications remain positive for the category and
Britvic, with the shift from full sugar to low or no sugar products
accelerating.
-- Ireland revenue increased 11.3% (+6.6% ex-SDIL), against both
a strong comparative period last year and disruption from the
carbon dioxide shortage. Our stills portfolio, including Ballygowan
water, benefited from the exceptionally warm weather in the
period.
-- France revenue declined 15.0%, reflecting both a very strong
comparative last year and exceptionally poor weather in June this
year. In the 4 weeks to 24 June, the adverse weather drove a total
soft drinks market volume decline of over 14% and a syrups market
volume decline of nearly 23%.
-- Brazil revenue increased 10.2%, against a soft comparative last year.
-- International revenue increased 8.7% in the quarter. In the
USA, Fruit Shoot continued to make progress with increased
distribution and additional listings secured.
For further information please contact:
Investors:
Steve Nightingale (Director of Investor Relations) +44 (0) 7808
097784
Media:
Victoria McKenzie-Gould (Director of Corporate Relations) +44
(0) 7885 828342
Stephanie Macduff-Duncan (Senior Corporate Communications Manager) +44 (0) 7808 097680
Stephen Malthouse (Headland) +44 (0) 203 805 4844
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 16 April to 8 July 2018. Britvic France, Britvic
Brazil and Counterpoint cover the period from 1 April to 30 June
2018. 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 7 July 2018. ROI take home market
data referred to is supplied by Nielsen and runs to 17 June 2018.
French market data is supplied by IRI and runs to 24 June 2018.
Next scheduled announcement
Britvic will release its preliminary results on 29 November
2018.
Notes to editors
About Britvic
Britvic is one of the leading branded soft drinks businesses in
Europe. The company combines its own leading brand portfolio
including Fruit Shoot, Robinsons, Tango, J2O, 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, in
France with brands such as Teisseire and Pressade and in Brazil
with Maguary and Dafruta. 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.
Britvic Revenue, Volume and Average Realised Price (ARP)
Actual Constant exchange rate % on Constant exchange rate % on
last year last year (ex-SDIL)
-----------------
Q3 YTD Q3 YTD Q3 YTD
------- -------- ---------------- ------------ ---------------- ------------
Revenue GBPm
------- -------- ---------------- ------------ ---------------- ------------
GB Carbonates 145.2 440.1 6.1% 8.1% -2.9% 4.7%
------- -------- ---------------- ------------ ---------------- ------------
GB Stills 76.4 206.3 11.9% 1.0% 11.7% 1.0%
------- -------- ---------------- ------------ ---------------- ------------
GB Total 221.6 646.4 8.0% 5.7% 1.9% 3.5%
------- -------- ---------------- ------------ ---------------- ------------
International 13.8 33.8 8.7% -0.9% 8.7% -0.9%
------- -------- ---------------- ------------ ---------------- ------------
Ireland 42.2 128.8 11.3% 12.5% 6.6% 10.8%
------- -------- ---------------- ------------ ---------------- ------------
France 66.7 200.1 -15.0% -7.4% -15.0% -7.4%
------- -------- ---------------- ------------ ---------------- ------------
Brazil 22.6 91.0 10.2% 14.8% 10.2% 14.8%
------- -------- ---------------- ------------ ---------------- ------------
TOTAL GROUP 366.9 1,100.1 3.4% 4.2% -0.6% 2.8%
------- -------- ---------------- ------------ ---------------- ------------
Organic (ex-Bela Ischia) * 366.9 1,087.1 3.4% 3.0% -0.6% 1.5%
------- -------- ---------------- ------------ ---------------- ------------
Average Realised Price ("ARP") PPL
------- -------- ---------------- ------------ ---------------- ------------
GB Carbonates 50.9p 45.7p 16.2% 7.5% 6.2% 4.2%
------- -------- ---------------- ------------ ---------------- ------------
GB Stills 76.2p 75.6p 7.8% 1.3% 7.6% 1.3%
------- -------- ---------------- ------------ ---------------- ------------
GB Total 57.4p 52.3p 14.6% 5.2% 8.2% 3.0%
------- -------- ---------------- ------------ ---------------- ------------
International 115.0p 110.1p -3.1% -4.1% -3.1% -4.1%
------- -------- ---------------- ------------ ---------------- ------------
Ireland 57.2p 54.7p 11.1% 6.8% 4.3% 4.5%
------- -------- ---------------- ------------ ---------------- ------------
France 106.2p 100.4p -0.3% 0.3% -0.3% 0.3%
------- -------- ---------------- ------------ ---------------- ------------
Brazil 54.3p 58.3p -0.4% -0.2% -0.4% -0.2%
------- -------- ---------------- ------------ ---------------- ------------
TOTAL GROUP 63.9p 59.4p 8.5% 2.9% 4.2% 1.4%
------- -------- ---------------- ------------ ---------------- ------------
Organic (ex-Bela Ischia) * 63.9p 59.4p 8.5% 2.9% 4.2% 1.4%
------- -------- ---------------- ------------ ---------------- ------------
Volume - m litres
------- -------- ---------------- ------------ ---------------- ------------
GB Carbonates 285.5 962.8 -8.7% 0.6% -8.7% 0.6%
------- -------- ---------------- ------------ ---------------- ------------
GB Stills 100.3 272.9 3.8% -0.3% 3.8% -0.3%
------- -------- ---------------- ------------ ---------------- ------------
GB Total 385.8 1,235.7 -5.8% 0.4% -5.8% 0.4%
------- -------- ---------------- ------------ ---------------- ------------
International 12.0 30.7 12.1% 3.4% 12.1% 3.4%
------- -------- ---------------- ------------ ---------------- ------------
Ireland 54.4 169.8 3.8% 3.3% 3.8% 3.3%
------- -------- ---------------- ------------ ---------------- ------------
France 62.8 199.4 -14.8% -7.6% -14.8% -7.6%
------- -------- ---------------- ------------ ---------------- ------------
Brazil 41.6 156.1 10.6% 15.0% 10.6% 15.0%
------- -------- ---------------- ------------ ---------------- ------------
TOTAL GROUP 556.6 1,791.7 -4.7% 0.9% -4.7% 0.9%
------- -------- ---------------- ------------ ---------------- ------------
Organic (ex-Bela Ischia) * 556.6 1,768.6 -4.7% -0.4% -4.7% -0.4%
------- -------- ---------------- ------------ ---------------- ------------
*Organic is calculated by excluding the results for Bela Ischia
from the YTD numbers for the period to 2 March 2018, which is the
anniversary date of the acquisition.
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END
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