Britvic plc Q1 Trading Statement (1179N)
January 28 2021 - 1:00AM
UK Regulatory
TIDMBVIC
RNS Number : 1179N
Britvic plc
28 January 2021
Britvic plc
LEI: 635400L3NVMYD4BVCI53
28 January 2021
Britvic plc ("Britvic")
Q1 Trading Statement to 31 December 2020
Simon Litherland, Chief Executive, commented:
"Trading in the first quarter continued to be impacted by
COVID-19 restrictions. Our portfolio of family favourite brands has
however again performed well in the channels open to us, assisted
by the additional flexibility we now enjoy as a result of
investment in our GB supply chain. I remain very proud of how the
Britvic team continue to respond with pace and agility to the
changing landscape. While the introduction of the latest
restrictions will undoubtedly impact this year's results, we will
continue to implement our strategy. We therefore intend to rebuild
investment behind our brands, people and planet initiatives and
stay focused on our medium and long-term potential.
Britvic is a fantastic business operating in a highly resilient
category. With a team of dedicated and passionate people and
market-leading brands, we are confident that we will continue to
successfully navigate the pandemic, emerge stronger, and be at the
forefront of the recovery when it comes."
Trading Update and Outlook
In the first quarter, total revenue was GBP328.1m. On a
comparable basis of constant currency and excluding the disposal of
the French private label juice business, this represents a 5.8%*
decline on last year (reported revenue declined 9.8%). Our brands
continued to win in the channels open to us, further extending
At-Home share gains in our key growth markets of GB and Brazil. In
GB total revenue declined 4.1%, with strong At-Home growth of 11.9%
offset by a decline of 32.5% in Out-of-Home, resulting in adverse
pack and channel mix. Brazil revenue continued to grow strongly at
+25.6%**, whereas comparable Rest of World revenue fell 19.3%.
The introduction in GB and Ireland of tighter pre-Christmas
COVID-19 restrictions, and the subsequent national lockdown
measures, have put further pressure on sales in both the
hospitality sector and on the go consumption. While there remains
considerable uncertainty over the depth and duration of future
restrictions, we anticipate they will remain in place at least
through our second quarter. Consequently, we would expect
performance to continue to be significantly affected by similar
adverse channel and pack mix to that which we saw in the second
half of FY20, and gradually improve following the lifting of
restrictions.
While we will continue to be disciplined in our management of
cash and discretionary spend, w e remain confident in our strategy
and in the momentum we have built in the channels open to us; it
therefore remains our intention to rebuild investment behind our
brands, routes to market and people during our second half. We
expect to make further progress against our strategic initiatives
this year, however profit growth will remain subject to the pace of
the easing of restrictions.
*All comparisons to last year are on a constant currency basis
unless stated otherwise. ** Brazil revenue includes a PIS/COFINS
tax rebate of GBP1.5m in Q1 2021 (GBP0.0m Q1 2020)
For further information please contact:
Investors:
Joanne Wilson (Chief Financial Officer)
Steve Nightingale (Director of Investor +44 (0) 7881 751550
Relations) +44 (0) 7808 097784
Media:
Kathryn Partridge (Director of Corporate
Affairs) +44 (0) 7803 854229
Stephen Malthouse (Headland) +44 (0) 7734 956201
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, London Essence,
Teisseire and MiWadi with PepsiCo brands such as Pepsi, 7UP and
Lipton Ice Tea 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, Pressade and Moulin de
Valdonne and in Brazil with Maguary, Bela Ischia 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 FTSE250
index.
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 including as a consequence
of the Covid-19 pandemic, 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.
Market data
GB take-home market data referred to in this announcement is
supplied by Nielsen and runs to 26 December 2020. Brazil market
data is supplied by Nielsen and runs to 30 November 2020
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