“A strong performance delivered by the successful execution of our strategy”
Group Financial Headlines:
- Revenue increased 7.7% to £1,540.8m with organic revenue** up 2.5%
- Adjusted EBITA* increased 5.1% to £195.5m, with organic adjusted EBITA* up 5.6%
- Organic adjusted EBITA margin* increased 30bps
- Profit after tax decreased 2.5% to £111.6m, including £24.7m of planned costs related to the business capability programme
- Adjusted free cash flow* of £54.5m, an increase of £43.6m
- Adjusted earnings per share* increased 7.3% to 52.9p, resulting in a full year dividend increase of 8.2%
Strategic highlights:
- 5.4% of total revenue now from innovation (FY16: 4.0%)
- Successful management of cost inflation through disciplined revenue management and cost control
- Bela Ischia and East Coast acquisitions completed, will exceed planned synergies
- 41% of group revenue now generated outside of GB
- £8m in-year benefits from Business Capability Programme, including £3m from the investment in our GB supply chain, ahead of previous guidance
| 52 weeks ended 1 October 2017 £m |
53 weeks ended 2 October 2016 £m |
% change Actual Exchange Rate |
% change Organic Constant Exchange Rate ** |
|
|---|---|---|---|---|
| Revenue | 1,540.8 | 1,431.3 | 7.7% | 2.5% |
| Adjusted EBITA* | 195.5 | 186.1 | 5.1% | 5.6% |
| Adjusted EBITA margin* | 12.7% | 13.0% | (30)bps | 30bps |
| Profit after tax | 111.6 | 114.5 | (2.5)% | |
| Basic EPS | 42.4p | 43.8p | (3.2)% | |
| Adjusted EPS* | 52.9p | 49.3p | 7.3% | |
| Full year dividend per share | 26.5p | 24.5p | 8.2% | |
| Adjusted net debt/EBITDA | 2.0x | 1.8x | (0.2)x |
* Items marked with an asterisk throughout this document are non-GAAP measures, definitions and relevant reconciliations are provided in the Glossary on page 11.
** Organic constant exchange rate adjusts for the impact of Bela Ischia, an additional week in 2016 and constant currency. Detailed adjustments are shown on pages 24 to 26.
Simon Litherland, Chief Executive Officer commented:
“Britvic has again demonstrated the resilience of our business, delivering another strong set of results. We have grown both organic revenue and margins whilst continuing to progress our strategic priorities. I am particularly encouraged that we have increased the proportion of revenue generated from innovation and accelerated the returns from the business capability programme.
While April 2018 brings uncertainty with the introduction of the Soft Drinks Industry Levy in GB and Ireland, we are well placed to navigate it thanks to the strength and breadth of our brand portfolio and our exciting marketing and innovation plans. This, combined with our continued focus on revenue and cost management, means we remain confident of making further progress next year.”
For further information please contact:
There will be a live webcast of the presentation given today at 09:00am by Simon Litherland (Chief Executive Officer) and Mathew Dunn (Chief Financial Officer). The webcast will be available at www.britvic.com/investors with a transcript available in due course.