UK: Britvic announces preliminary annual results
The London-based drinks firm Britvic has reported its preliminary financial results for the fiscal year ended 28th September, posting Group EBIT of £158.1 million ($249.5 million), up 17.6% , and revenue growth of 2.4% to £1,344.4 million (2,121.9 million).
For the new financial year, the company expects operating profit between £164 million and £173 million ($259 million and $273 millino), underpinned by strategic cost-saving initiatives. Last year cost savings came in £2 million above 2014 targets and the company said it was on track to deliver cumulative savings of £25 million in its 2015 financial year, Reuters reports.
In addition to this cost-saving strategy, the firm also plans to expand its capacity, including investing £25 million in a new high-speed plastic bottle line and in warehousing.
Britvic CEO Simon Litherland commented: “This is a strong set of results and we have made excellent progress during the year implementing our new strategy. We have delivered revenue and margin growth, and profit significantly ahead of last year, despite challenging trading conditions in each of our markets. Our international operations are also progressing encouragingly and we anticipate the launch of Fruit Shoot multi-packs in the USA in the second half of 2015. In addition we continue to invest in our people and our infrastructure to ensure we are well placed to deliver the growth opportunities available to us”.
Source: Britvic / Reuters