For the 28 weeks ended 14 April 2019
“A strong performance with revenue, organic margin and EPS all growing”
Group Financial Headlines:
- Organic revenue* increased 1.9% (reported +4.9%) to £769.2m
- Organic adjusted EBIT* increased 5.0% (reported +4.0%) to £83.7m
- Organic adjusted EBIT margin* increased 30bps (reported -10 bps)
- Profit after tax increased 4.8% to £34.9m
- Adjusted earnings per share* increased 5.2% to 22.3p and the interim dividend increased 5.1%
Strategic highlights:
- Organic brand contribution growth in all geographies
- Disciplined revenue management and innovation driving strong ARP improvement
- Soft drinks levy in GB has accelerated consumer trend towards our low/no sugar portfolio
- All three core GB stills brands in revenue growth, led by Robinsons innovation
- Transformational Business Capability Programme on-track, underpins long-term growth and cash generation
| 28 weeks ended 14 April 2019 £m |
28 weeks ended 15 April 2018 £m |
% change Actual Exchange Rate |
% change Organic Constant Exchange Rate (ex-SDIL/SSDT)** |
|
|---|---|---|---|---|
| Revenue | 769.2 | 733.2 | 4.9% | 1.9% |
|
Adjusted EBIT* |
83.7 | 80.5 | 4.0% | 5.0% |
|
Adjusted EBIT margin* |
10.9% | 11.0% | (10) bps | 30 bps |
|
Profit after tax |
34.9 | 33.3 | 4.8% | |
|
Basic EPS |
13.2p | 12.6p | 4.8% | |
|
Adjusted EPS* |
22.3p | 21.2p | 5.2% | |
|
Interim dividend per share |
8.3p | 7.9p | 5.1% | |
| Adjusted net debt/EBITDA | 2.4x | 2.5x | 0.1x |
Items marked with an asterisk throughout this document are non-GAAP measures, definitions and relevant reconciliations are provided in the Glossary on page 9.
** Organic constant exchange rate adjusts for constant currency and excludes the Soft Drinks Industry Levy (SDIL) in GB and the Sugar Sweetened Drinks Tax (SSDT) in Ireland. Detailed adjustments are shown on pages 28 to 30.
Simon Litherland, Chief Executive Officer commented:
“I am pleased to report that we have delivered another strong performance in the first half of the year. We have grown organic brand contribution in all our markets and increased group revenue, organic margin and adjusted earnings per share. As we anticipated, the soft drinks levy has benefited our portfolio, accelerating the consumer trend towards our heartland of low and no sugar brands. Pepsi MAX has generated more incremental retail value than any other cola variant, while the rejuvenation of the Robinsons brand continued to deliver both significant revenue and squash category value growth.
Our transformational business capability programme is nearing completion and forms an important part of our broader commitment to building a more flexible and sustainable business model. In the second half of the year we have a range of exciting marketing and innovation plans, and I remain confident that we will achieve full-year market expectations.”
There will be a live webcast of the presentation given today at 09:30am by Simon Litherland (Chief Executive Officer) and Chris Hancock (Strategy Director). The webcast will be available at www.britvic.com/investors with a transcript available in due course.