Chair's statement
We have delivered robust results, made progress in our strategic priorities, and continued to invest to ensure long-term success.
CEO's statement
Our strategy is working, and we have well-established drivers to continue our consistent track record of growth.
CFO's statement
Britvic is a great business, with a unique portfolio of family favourite brands, of which we are all very proud. The company has delivered a strong financial performance this year, despite another year of highly significant cost inflation.
Britvic in numbers
Revenue
£1,748.6m
Why do we measure this?
Revenue growth measures our ability to increase price and/or increase volumes sold.
Performance
Underlying revenue increased by 6.6%, adjusted for constant currency and excluding Counterpoint agency brands. Reported revenue increased by 8.1%.
Adjusted EBIT
£218.4m
Why do we measure this?
Adjusted Adjusted EBIT measures our underlying profitability excluding any one-off costs.
Performance
Adjusted EBIT increased by 5.9%, adjusted for constant currency and excluding Counterpoint agency brands. Adjusted EBIT at actual exchange rates increased by 6.0%.
Free cash flow
£129.8m
Why do we measure this?
Free cash flow measures the cash we generate to fund payments to our shareholders and acquisitions.
Performance
Free cash flow was £129.8 million, with the increase from 2022 primarily driven by the increase in EBITDA.
Profit after tax
£124.0m
Why do we measure this?
Profit after tax is a statutory measure of financial performance which considers adjusted EBIT, interest, taxation and adjusting items.
Performance
Profit after tax decreased by 11.6%, mainly driven by the impact of adjusting items.
Adjusted earnings per share (EPS)
61.0p
Why do we measure this?
Adjusted earnings per share measures the profit per share of the company and is used by investors to compare our performance against our peers.
Performance
Adjusted EPS increased by 6.5%, due to higher adjusted EBIT. Basic EPS was 48.3p, a decrease of 8.2% mainly driven by the impact of adjusting items.
Dividend per share
30.8p
Why do we measure this?
The dividend per share measure enables shareholders to calculate the amount of profit that we return to them in cash.
Performance
Dividend per share increased 6.2% due to the adjusted EPS increase and maintaining the 50% payout ratio on underlying earnings.
People
Healthier consumer choices (average calories per 250ml)
21.7 cal per 250ml
Why do we measure this?
Providing healthier consumer choices is at the heart of the company’s strategy. Measuring calories per serve is a lead indicator of success in this area.
Planet
Recycled plastic (rPET) bottles in our British
and Irish businesses (exit rate)
26% GB 22% Ireland
Why do we measure this?
Measuring rPET enables the company to track its progress on its journey to a circular economy to ensure packaging never becomes waste.
Water intensity ratio
2.05 m³/tonne production
Why do we measure this?
Measuring water intensity enables the company to track the improvement in water efficiency in its operations*.
Manufacturing energy from renewable sources
59%
Why do we measure this?
Measuring energy from renewable sources enables the company to track progress towards creating a zero carbon economy.
* Water ratio includes our fruit processing business, Be Ingredient, in Brazil.
Eight reasons to invest in Britvic
A portfolio of market leading brands
In Great Britain and Ireland, we have a full portfolio of family favourites, both owned and as the bottler for PepsiCo. In France and Brazil, the portfolios are all owned brands in a smaller number of categories. In each market we are the leading supplier of flavour concentrates, underpinning our strategic pillar of flavouring billions of water occasions.
A well-invested infrastructure
The completion of our business capability programme in Great Britain means we have a fantastic supply chain platform to enable us to lead market growth. In our other markets we continue to invest in the supply chain to support growth, efficiency and our sustainability targets. Beyond the supply chain we are investing in both our digital capability and IT infrastructure to ensure that the business is future fit to realise our growth ambitions.
A long-term agreement with PepsiCo
In October 2020, we signed a new and exclusive 20-year franchise bottling agreement for the production, distribution, marketing and sales of its soft drink brands in Great Britain. Our PepsiCo relationship provides access to a portfolio of global brands, including Pepsi MAX, 7UP, Lipton Ice Tea and, more recently, Rockstar Energy. This follows a similar 10-year agreement signed in 2016 with PepsiCo in Ireland.
A sustainable business
Britvic’s Healthier People, Healthier Planet sustainability ethos underpins every element of our business strategy to ensur e that we deliver sustainable value for all our stakeholders, and create a better tomorrow.The roll out of our interactive employee learning programme has continued. A further two modules have been added, focusing on healthier consumer choices and sustainable supply chains.
A well-financed and cash generative business
Britvic has a strong financing platform, with a £400 million sustainability linked multi-bank revolving credit facility and a series of private placement notes in place.
The business is cash-generative and has a clear capital allocation policy, including a commitment to a dividend policy that pays out 50% of profits.
A track record of growth
Since the appointment of Simon Litherland in 2013, we have consistently delivered excellent returns for shareholders. While the COVID-19 pandemic interrupted progress in 2020 and 2021, we have continued to generate total shareholder returns significantly ahead of the FTSE 250.
A resilient and growing category
Soft drinks are a consumer staple, meaning category performance is consistent, stable and projected to grow. Growth is achievable through increasing consumption by innovating to meet emerging consumer needs, accessing new spaces and premiumisation.
An engaged and agile workforce set up for success
We’re building a working environment where everyone belongs. This year we continued to develop Working Well – our new dynamic ways of working. We have repurposed our work spaces to increase interactions, collaboration and opportunities for innovation with performance based on output rather than hours spent.
Our approach to sustainability
Doing good while doing well has been at the heart
of Britvic’s ethos since the creation of The British
Vitamin Product Company back in the 19th century.
This continues to this day. We want to make a positive
contribution to the people and the world around us.
21.7
calories per serve
Average calories per serve per 250ml
788
days
spent volunteering by employees More than double our 2025 target
1st
Britvic factory awarded Alliance for Water Stewardship certification
Inclusion pay gap report
At Britvic, we hold the principles of equity, diversity, and inclusion as key to our sustained growth. We are actively monitoring our advancements in addressing both the gender and ethnicity pay gaps. Through these efforts, we aim to foster discussions about workplace equality and motivate actions that lead to a more inclusive future.
This is an interactive version of Britvic plc's 2023 Annual Report. The content on this page should be read in conjunction with and with reference to the printed version, which is available to download from this website.