Britvic Ireland's revenue, profits slip
Wednesday, 25 November 2009 11:28Drinks group Britvic has reported a 5.6% drop in annual revenues at its Irish operations as it said that the market here shows no sign of a return to growth in the short term.
Britvic, whose brands include Ballygowan, 7UP, Club, Mi Wadi and Robinsons, said that its Irish revenues for the year ending September fell to £189.5m sterling from £200.7m in 2008. Its Irish operating profits fell by 17% to £12.2m from £14.7m.
The company said that despite the 'extremely challenging' environment, Britvic Ireland continues to deliver on its savings programme. It said it had saved €15.3m so far, with another €9m planned for 2010 and €2m for 2011.
It said that in a 'tough Irish market, 'Britvic's core brands have played a significant part in the robust performance of the business'. 7Up retains its position as the number two soft drinks brand in the market, while Pepsi has become the fastest growing soft drinks brand.
Overall, the parent group reported a 5.6% increase in annual revenues, rising from £926.5m to £978.8m. The group's operating profit rose by 13.9% to £110.1m from £96.7m. Group pre-tax profits jumped by 23.4% to £86.5m from £70.1m in the 12 month period.
'The GB and International business has now achieved eight consecutive quarters of revenue growth since 2006', commented Britvic CEO Paul Moody.
He said that recent conditions in the GB soft drink market have shown some signs of improvement, although visibility in both GB and Ireland beyond the short term remains limited. He added that the company is taking a cautious view of consumer spending.
