Britvic revenue slumps in challenging market
Drinks producer Britvic warned this morning that revenue dipped in the third quarter of the year due to a “more challenging” market.
The company, which owns brands such as 7up, Tango and Robinsons, said revenue was £360.1m, a decrease of 1.5 per cent on last year.
Read more: Britvic installs Tesco finance guru as new chief financial officer
In a trading update this morning, Britvic said revenue in the UK grew despite the market declining in value and volume.
The company’s Brazil and International businesses also continued to deliver solid revenue growth, however, performance in France and Ireland was more challenging.
Britvic chief executive Simon Litherland said: “Overall we have delivered a solid performance against a more challenging backdrop in quarter three.
“We remain confident of achieving market expectations for the full year, underpinned by the strength of our brand portfolio, exciting commercial plans and a tight focus on cost control.”
“We remain confident of achieving market expectations for the full year, underpinned by the strength of our brand portfolio, exciting commercial plans and a tight focus on cost control.”
Read more: Britvic profits fizz in face of challenging year
In the company’s interim results for the 28 weeks to 14 April Britvic reported that organic revenue increased 1.9 per cent to £769.2m, while earnings before interest and tax were uup five per cent to £83.7m.
Britvic shrugged off concerns about the sugar tax, saying the soft drinks levy had “accelerated” consumer trend to its low and no sugar brands.
Main image credit: Britvic