Fizz goes out of Britvic sales
SHARES in Britvic were largely flat yesterday, even as the drinks company said revenue fell by nearly 10pc in Ireland during the last year.
The company, which counts the likes of Club soft drinks and Ballygowan water among its brands, said in a trading update that sales in Ireland plunged by 9.6pc during the year to September 30 to €170.8m. For the final three months of the year alone turnover from Britvic's Irish business tumbled 8.5pc.
Company chief executive Paul Moody blamed the problems here on "the performance of third-party brands distributed via the licensed wholesale business" and reflected the state of the drinks sector overall.
"For our owned brands, average realised price was up by 3.9pc, but volumes were down 4.6pc in the quarter. Whilst Britvic Ireland continues to hold its market share, the Irish market remains very challenging with the average shopping trip spend now at its lowest level since 2005.
Overall, Britvic said group revenue fell 0.8pc to £1.2bn (€1.48bn) during the year. Trading was hit by a recall in its 'fruit shoot' drinks.