Britvic Raises Full-Year Earnings Guidance
LONDON (Alliance News) - Britvic PLC (LON:BVIC) Thursday raised its guidance for full year operating earnings, even as it reported a drop in fourth-quarter revenue, citing poor summer weather and subdued retail spending in Europe.
The drinks company said it expects earnings before interest and taxes to be ahead of the top end of its GBP148 million to GBP156 million estimate, as revenue and volumes grew over the full year and cost cuts took effect.
Still, Britvic reported a 4% fall in revenue to GBP344.2 million in the fourth quarter, with Ireland sales down 18.5% to GBP33 million and sales in France down 18% to GBP63.8 million. UK sales fell 2.1% to GBP230.1 million while International sales rose 31% to GBP17.3 million.
"Retail conditions remained largely unchanged as consumers continued to focus on value and managing household expenditure tightly," the company said in a statement
In the full year to Sept 28, group sales rose 1.7% to GBP1.34 billion on a 1.5% increase in volume.
By Ian Edmondson;
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