Q1 trading statement 2024

Q1 Trading Statement to 31 December 2023

“Positive start to the year with strong Christmas trading”

Simon Litherland, Chief Executive Officer commented:

“We are pleased with such a positive start to the year. Our performance in the first quarter was strong and in-line with our expectations, as we continue to offer consumers value as well as great taste, with our portfolio of family favourite soft drinks brands. We have exciting plans for the year ahead across our markets, with new innovations and engaging marketing activations, including Pepsi’s first brand refresh in 14 years.

“More broadly, Britvic is a well-invested business, with a clear growth strategy. We remain confident of achieving growth this year within the range of market expectations, as well as continuing our track record of delivering superior returns longer term.”

In the first quarter, trading was in-line with management’s expectations with Group revenue increasing 8.1% to £443.5m on a constant currency basis (reported +7.9%) and volume +1.7% versus last year.

Performance highlights

• Like-for-like Group revenue growth with both positive price/mix and volume growth.
  • Robust quarter for GB, with revenue +6.9% and both retail and hospitality channels in growth.
  • Strong growth in Brazil with revenue +21.0% including benefit of recent acquisition.
  • Other International markets revenue +6.0%, led by Ireland revenue +12.5%. France revenue +1.1%, with strong price/mix, offsetting a volume decline.
  • Strong December trading, with Group revenue +12.1% and volume +6.4%, benefiting from like-for-like growth and recent acquisitions.

Interim results, for the six months ending 31 March 2024 will be announced on 15 May 2024.

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Cautionary note regarding forward-looking statements

This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors 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.