Britvic Plc (LON:BVIC), today announced Interim results for the 28 weeks ended 14 April 2019/
Group Financial Headlines:
· Organic revenue* increased 1.9% (reported +4.9%) to £769.2m
· Organic adjusted EBIT* increased 5.0% (reported +4.0%) to £83.7m
· Organic adjusted EBIT margin* increased 30bps (reported -10 bps)
· Profit after tax increased 4.8% to £34.9m
· Adjusted earnings per share* increased 5.2% to 22.3p and the interim dividend increased 5.1%
· Organic brand contribution growth in all geographies
· Disciplined revenue management and innovation driving strong ARP improvement
· Soft drinks levy in GB has accelerated consumer trend towards our low/no sugar portfolio
· All three core GB stills brands in revenue growth, led by Robinsons innovation
· Transformational Business Capability Programme on-track, underpins long-term growth and cash generation
28 weeks ended14 April 2019£m
|28 weeks ended15 April 2018£m||% changeActual ExchangeRate||% changeOrganic ConstantExchange Rate (exSDIL/SSDT) **|
|RevenueAdjusted EBIT*Adjusted EBIT margin*Profit after taxBasic EPSAdjusted EPS*Interim dividend per shareAdjusted net debt/EBITDA||769.283.710.9%34.913.2p22.3p8.3p2.4x||733.280.511.0%33.312.6p21.2p7.9p2.5x||4.9%4.0%(10) bps4.8%4.8%5.2%5.1%0.1x||1.9%5.0%30 bps|
Items marked with an asterisk throughout this document are non-GAAP measures, definitions and relevant reconciliations are provided in the Glossary on page 9.
** Organic constant exchange rate adjusts for constant currency and excludes the Soft Drinks Industry Levy (SDIL) in GB and the Sugar Sweetened Drinks Tax (SSDT) in Ireland. Detailed adjustments are shown on pages 28 to 30.
Simon Litherland, Britvic Plc Chief Executive Officer commented:
“I am pleased to report that we have delivered another strong performance in the first half of the year. We have grown organic brand contribution in all our markets and increased group revenue, organic margin and adjusted earnings per share. As we anticipated, the soft drinks levy has benefited our portfolio, accelerating the consumer trend towards our heartland of low and no sugar brands. Pepsi MAX has generated more incremental retail value than any other cola variant, while the rejuvenation of the Robinsons brand continued to deliver both significant revenue and squash category value growth.
Our transformational business capability programme is nearing completion and forms an important part of our broader commitment to building a more flexible and sustainable business model. In the second half of the year we have a range of exciting marketing and innovation plans, and I remain confident that we will achieve full-year market expectations.”