Britvic Posts 4.9% Revenue Increase In First Quarter
Britvic today reported first quarter revenue of €438.1 million (£369.8 million), an increase of 4.9% on the prior year.
The quarter benefited from the inclusion of additional trading days following the previously announced move to monthly accounting, the drinks giant said.
On a comparable days and constant currency basis, revenue increased by 2.6% and the group said that it will 'remain confident of achieving market expectations for the year.'
"While we anticipate conditions will remain challenging, we are confident of achieving market expectations for the year, underpinned by the strength of our brand portfolio and exciting marketing and innovation plans," said Simon Litherland, chief executive officer.
The company also announced the signing of its first sustainability-linked revolving credit facility.
The £400 million refinanced facility, which has a maturity date of 2025, includes a number of annual KPIs linked to Britvic’s sustainable business strategy.
At the end of November last year, Britvic announced that it will be providing €5.8 million (£5 million) of investment support for the construction of new rPET manufacturing facilities at Esterform’s site in Sherburn in Elmet, UK.
The soft drinks company said that it has entered into a long-term agreement with Esterform Packaging Limited for the supply of recycled plastic (rPET) in Great Britain and Ireland.
The company, whose brands include Ballygowan, MiWadi, Club, TK and Fruit Shoot outlined that moving forward it is planning to reduce the use of virgin PET in its packaging and will opt instead to increase the levels of rPET.
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.