Britvic has reported a 16.5% increase in revenue in the first quarter, due to ‘strong demand for its portfolio of trusted family favourite brands across all channels and markets’.
According to the soft-drink maker’s latest financial results, sales totalled €447.9 million (£373.9 million) in the quarter – a 14.0% increase on a reported basis, and 12.8% higher than the corresponding period prior to the pandemic.
This was led by the UK and Ireland, which delivered revenue growth of 17.1%, with the at-home channel continuing to grow and out-of-home recovering in line with expectations in October and November, Britvic noted.
Out-of-home trading in December was impacted by changes in consumer behaviour and a downturn in socialising in the UK and Ireland due to the Omicron COVID-19 variant, the trading update shows.
Trading Update And Outlook
With the announcement last week of the easing of restrictions across the UK and Ireland, the company noted that it anticipates that the out-of-home channel will continue its recovery back towards 2019 levels.
Brazil and other international markets grew their revenue by 8.7% and 17.9%, respectively.
The Ballygowan and Robinsons owner noted that it is experiencing inflationary pressures across the business.
However, it remains focused on minimising the impact on its business through a combination of revenue management, smart procurement, and disciplined cost control.
Simon Litherland, chief executive, commented, “We remain confident in our growth strategy, backed not only by our market-leading brands and our highly engaged employees, but also by our proven track record of successfully navigating headwinds.
“While we continue to experience inflationary pressures, our focus remains on minimising the impact on our business, and I am confident we will continue to make progress this year and deliver strong returns for our shareholders,” Litherland added.
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