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Britvic says it expects full-year 2016 profit growth

Britvic said it managed to gain market share in Ireland in the year to the end of September
Britvic said it managed to gain market share in Ireland in the year to the end of September

Britvic, the maker of Robinsons squash and Tango, had seen a slow start to its full-year 2016 due to challenging market conditions, but that it would grow its profit in the year. 

The company, which also makes PepsiCo brands Pepsi Max and 7UP, said it expected full-year 2016 earnings before interest, taxes, and amortisation to be in the range of £180-190m. 

Britvic today reported a 7.1% rise in constant currency EBITA to £171.6m for the full year ended September 2015. 

Revenue on a constant currency basis fell marginally to £1.30 billion as the company said that market conditions remained challenging across all its core markets. 

The company said that in Ireland, the business saw a return to revenue growth, although the poor summer weather impacted its performance in the final quarter, after three successive quarters of growth. 

Revenues in Ireland rose by 1.3% while volumes increased bu 2.6% during the year.

Despite the Irish market remaining "subdued and deflationary"; Britvic also said it managed to gain market share.

"MiWadi, Ballygowan, Fruit Shoot and Club all gained share, and the business is now well positioned to deliver growth in the coming years," the company said.

It also said it had agreed a ten year extension with PepsiCo for the distribution rights for 7UP, Pepsi and Mountain Dew in the Republic of Ireland and Northern Ireland from January 2016.