Britvic Reports 22.8% YOY Revenue Increase In Third Quarter
Britvic today reports revenue of £384.8 million, an increase of 22.8% on last year, and with revenue growth in all business units, in its third quarter.
Year-to-date revenue increased by 3.1% to £1,001.9 million during the period, its latest financial results show.
The easing of lockdown restrictions in the UK also led to a significantly improved performance in the Out-of-Home channel and benefited On-the-Go consumption, the drinks group said in a trading statement.
Performance was supported by trade restocking ahead of reopening, as well as continued strong consumer demand for our brands.
The reopening of indoor hospitality in the UK in May enabled most outlets to open, albeit with reduced capacity due to continued social distancing measures.
“Performance in Q3 was encouraging, as we benefited from the easing of lockdown restrictions, while also continuing to perform well in the At-Home channel. Some degree of uncertainty remains for now, however, as the full course of the pandemic is still unknown," said Simon Litherland, chief executive, Britvic.
"That said, the momentum we had built up going into the pandemic has stood us in good stead throughout, and I am confident that we will continue to navigate our way through it successfully," he commented.
At-Home Channel Growth
Elsewhere, revenue grew in the At-Home channel in Brazil, France, and Ireland.
Double-digit revenue growth continued in Brazil, while the recovery of the Out-of-Home channel in Ireland lags the UK, reflecting the different paths out of lockdown, the company said.
Overall, while its product and pack mix has improved in the quarter, it has not yet returned to pre-pandemic levels, it added.
"We remain committed to rebuilding investment behind our portfolio of market-leading brands to ensure we continue to emerge strongly and are well-positioned for the recovery as it evolves," Litherland said.
"In addition, recent initiatives, such as Rockstar, Plenish and the Aqua Libra Company, give us access to new opportunities and further enhance our medium-term growth prospects. We remain confident that our strategy is fit for the future and will continue to drive growth and create sustainable value for all our stakeholders,” he added.