‘An excellent first half of the year, confident of continued sustainable growth’
Group Financial Headlines:
- Revenue increased 11.2%1 to £880.3m (reported increased 10.9%)
- Adjusted EBIT increased 17.7%1 to £100.4m (Actual Exchange Rate (AER) increased 17.7%), reported EBIT increased 15.2%1
- Adjusted EBIT margin increased 60bps1 to 11.4% (reported increased 70bps)
- Profit after tax increased 10.1%1 to £59.9m
- Adjusted earnings per share of 27.0p, up 18.5%
- Interim dividend of 9.5p, up 15.9%
- Adjusted net debt/EBITDA of 2.3x, up 0.1x due to Brazil acquisition
- Third share buyback programme announced today, of up to £75m executed over the next 12 months
Highlights:
- Strong consumer demand for our brands with H1 volume +4.4%
- Robust growth with all three business units achieving revenue, contribution and margin expansion
- Standout growth from Pepsi MAX, Ballygowan, MiWadi, Fruit Shoot and Lipton
- Brazil revenue +34.7%, driven by both core portfolio and recently integrated energy acquisition
- New growth spaces revenue increased +63.5%, led by outstanding Plenish performance
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|
6 months ended 31 March 2024 £m |
6 months ended 31 March 2023 £m |
% change actual exchange rate (reported) |
Underlying % change constant exchange rate1 |
|
Revenue |
880.3 |
794.0 |
10.9% |
11.2% |
|
Adjusted EBIT |
100.4 |
85.3 |
17.7% |
17.7% |
|
Adjusted EBIT margin |
11.4% |
10.7% |
70bps |
60bps |
|
Reported EBIT |
93.1 |
80.7 |
15.3% |
15.2% |
|
Reported EBIT margin |
10.6% |
10.2% |
40bps |
40bps |
|
Profit after tax |
59.9 |
54.4 |
10.1% |
10.1% |
|
Basic EPS |
24.1p |
21.0p |
14.8% |
|
|
Adjusted EPS |
27.0p |
22.8p |
18.5% |
|
|
Interim dividend per share |
9.5p |
8.2p |
15.9% |
|
|
Adjusted net debt/EBITDA |
2.3x |
2.2x |
(0.1)x |
|
|
See glossary on page 14 for definitions of performance measures and Appendix 1 for reconciliations of non-GAAP measures |
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1. Adjusted for constant currency exchange rates
Simon Litherland, Chief Executive Officer commented:
“I am delighted with our excellent first half performance. Revenue growth of 11.2%, underpinned by volume growth of 4.4%, has translated into adjusted EBIT growth of 17.7% and earnings per share growth of 18.5%. We are also announcing our third share buyback of £75m over the next 12 months, reflecting our strong earnings, free cashflow generation, and positive outlook.
As expected, our market-leading growth comes from the combination of another strong performance from our scale family favourite brands, coupled with accelerated growth in Brazil and across multiple new growth spaces, such as London Essence, Aqua Libra and Plenish. We have increased the investment behind our brands by over 38% in the period.
Looking forward, I am confident that we will deliver a strong full year performance. In the medium term, I firmly believe the continued execution of our strategy and growth drivers will allow us to sustainably outperform both the market and our historical top-line growth rate, leaving the company poised to continue our long-standing track record of delivering outstanding returns for our shareholders.”
For further information please contact:
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Investors: |
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Rebecca Napier (Chief Financial Officer) Steve Nightingale (Director of Investor Relations) |
+44 (0) 1442 284330 +44 (0) 7808 097 784 |
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Media: |
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Stephanie Macduff-Duncan (Head of Corporate Communications) |
+44 (0) 7808 097 680 |
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Stephen Malthouse (Headland) |
+44 (0) 7734 956 201 |
There will be a webcast of the presentation given today at 09:00am by Simon Litherland (Chief Executive Officer) and Rebecca Napier (Chief Financial Officer). The webcast will be available at www.britvic.com/investors with a transcript available in due course. To ask a question on the webcast, please dial +44 (0) 808 109 0700 or +44 (0) 33 0551 0200 and quote Britvic Interim Results when prompted by the operator.
Next scheduled announcement
Britvic will publish its Q3 trading statement on 25 July 2024.
Cautionary note regarding forward-looking statements
This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks and uncertainties 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. This announcement contains inside information related to a share buyback programme. The person responsible for making this announcement is Mollie Stoker, Company Secretary.
