Friday 24 November 2017

Ballygowan owner Britvic increases profits by 7.5pc to £41.7m

Ballygowen Newcastle West Co Limerick
Pictured Credit Brian Gavin Press 22
Ballygowen Newcastle West Co Limerick Pictured Credit Brian Gavin Press 22
Michael Cogley

Michael Cogley

Profits at Ballygowan-maker Britvic increased by 7.5pc to £41.7m (€54.2m) in the first half of its financial year despite organic revenue decreasing by 1.8pc.

However, group revenue increased by 5.1pc to £678m in the 28-week period ending April 10.

Earnings before interest, tax and amortisation (EBITA) increased by 7.1pc to £69m.

During the period the firm, which also owns MiWadi, reported continued market share growth in all of its key markets. The company also agreed a new seven year deal with Subway in Great Britain for both Britvic and Pepsi brands from June

Britvic chief executive Simon Litherland said the firm increased its EBITA despite a "challenging consumer environment".

"We have outperformed the soft drinks category in each of our core markets, gaining market share as a result. Our recent acquisition in Brazil is growing ahead of last year and Fruit Shoot multi-pack is being launched in the USA.

"We continue to invest behind the longer term drivers of growth - supply chain efficiency in GB, innovation and our international businesses - and I remain excited about our ability to drive sustainable revenue growth in the years ahead.

"With the key summer trading period ahead of us, strong marketing plans for the rest of the year and continued cost control, we remain on-track to deliver EBITA in the range of £180m to £190m for the full year," he said.

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