Q3 trading statement 2022

Q3 Trading Statement to 30 June 2022

“On track to deliver a FY performance in line with expectations”

Q3 Highlights

• Robust Q3 performance with revenue for the period of £431.1m, an increase of 11.2% on the prior year, with volume growth and positive price/mix
• Double-digit Q3 revenue growth vs the comparable period in 2019, driven by a larger GB At-Home business and expansion in Brazil
• Growth rates are reflective of a more normalised operating environment due to the phased lifting of Covid-related restrictions in Q3 last year
• GB revenue increased 9.2%, driven by the continued recovery of the Out-of-Home channel and further growth in the At-Home channel
• Brazil revenue increased 24.3%, as we continued to expand our presence through both core and innovation brands
• Other International markets revenue increased 12.7%, with both Ireland and France in growth in the quarter
• £75m share buy-back commenced, anticipate approximately 50% will be completed this financial year

Commenting on these results, Simon Litherland, Chief Executive, said:

“Year on year performance in the quarter reflects continued resilient demand for our portfolio of trusted, family favourite brands.  This summer we have a range of exciting marketing campaigns across all our markets, including a major new campaign for Robinsons in GB, and we will also be bringing back the Pepsi MAX taste challenge for the first time since the start of the pandemic. 

We are encouraged by trading performance year to date although we expect the uncertain environment to continue to weigh on consumer confidence. We remain focused on mitigating the impact of inflationary pressures on our business; soft drinks is a resilient category, within which we have a well-invested business, a flexible operating model and a robust supply chain. We are confident in our ability to deliver value for all our stakeholders and a full year performance in line with market expectations.”

% Change is on a constant currency basis and 2019 comparable excludes France private label, Counterpoint agency brands and is restated for changes in reporting period.

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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 including the COVID-19 pandemic, 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.

Next scheduled announcement

Britvic will publish its preliminary results on 23 November 2022.