Preliminary Results 2022

‘A stronger, better Britvic’

For the year ended 30 September 2022

Group Financial Headlines:

• Revenue increased 15.5%¹ to £1,618.3m (statutory +15.2%), driven by both price and volume
• Adjusted EBIT increased 16.0%¹ to £206.0m (statutory +16.7%), statutory EBIT increased 26.2%
• Adjusted EBIT margin increased 10bps¹ to 12.7% (statutory +10bps)
• Profit after tax increased 45.3% to £140.2m
• Adjusted earnings per share of 57.3p, up 29.3%
• Free cash flow generation of £128.8m, enabling debt reduction and £106m cash returned to shareholders through dividends and share buyback
• Strong balance sheet with adjusted net debt to EBITDA ratio down to 1.9x
• Full year dividend +19.8% at 29p, reflecting the Board’s confidence in our prospects and strong balance sheet

Operational Highlights:

• Revenue growth led by our portfolio of family favourite brands, with growth in both retail and hospitality channels, which benefited from the good summer weather and no lockdown restrictions this year
• Brands have demonstrated the strength to take price, while maintaining volume growth
• Pricing activity, promotional strategy, management of our mix and disciplined cost control has helped to mitigate the impact of inflation
• Margin growth while investing in our people, brands, and infrastructure
• Supply chain resilience and capability a key enabler of growth
• Continued investment in and progress against our strategic growth opportunities, including:
  • Increased manufacturing capacity in GB, Brazil and France to meet consumer demand
  • ‘Beyond the Bottle’ growth through London Essence Freshly Infused and Aqua Libra dispense innovation
  • £108m revenue generated from innovation brands, +49% year on year
  • Further improvement in our sustainability metrics, as part of our Healthier People, Healthier Planet programme, including reducing our carbon emissions and calories per serve
• Current trading remains robust and in line with our expectations

1. Adjusted for constant currency and the Ireland agency brands which ceased trading in March 2021.
2. Please refer to note 11 of the financial statements for details of SaaS arrangements restatement.
3. Adjusting EBIT items of £13.6m are detailed on page 33.

Simon Litherland, Chief Executive Officer commented:

“We have delivered excellent results, with strong growth in volume, revenue and profit, in the face of significant headwinds. Our strategy has momentum, delivering accelerated top-line growth through consistent execution across our portfolio of trusted brands. We recognise that there are significant inflationary pressures on our consumers, customers and suppliers, and we remain focused on mitigating costs in a responsible manner through efficiency initiatives and revenue management, while continuing to invest in our brands, people, sustainability and infrastructure.

Looking forward, the uncertain environment makes it difficult to forecast consumer demand in the near term. We draw confidence however from the continued resilience and growth of our category, our brands and our talented people. Our strategy is working, with clear drivers to continue our consistent track record of growth and delivery of superior returns for all our stakeholders.”

For further information please contact:

There will be a webcast of the presentation given today at 09:00am by Simon Litherland (Chief Executive Officer) and Joanne Wilson (Chief Financial Officer). The webcast will be available at www.britvic.com/investors with a transcript available in due course.

Read the full announcement