Britvic’s Irish revenues fall amid overall growth

Ireland is the only region where international soft drinks producer, Britvic, is suffering from declining revenues.

The group yesterday issued third quarter figures — covering the three months to the end of June — showing overall annualised revenue growth of 4%, in constant currency terms, to £316.3m (€366.2m).

Strong growth was seen in its international division, with solid increases also evident in France and the group’s core UK market.

Britvic Ireland, however, saw a 5.5% year-on-year drop in revenue for the quarter — to £29.2m — when measured on a constant exchange rate basis. In actual exchange rate terms, the drop was 1.4%; but 5.8% over the financial year to date.

The company said that the revenue drop in Ireland was due to a continued decline of the third-party brands within Britvic’s licensed wholesale business; with revenue from the company’s own brands actually up and outperforming “a difficult Irish soft drinks market”.

Earlier this year, Britvic announced plans to merge its Irish operations with its core UK-based business as part of an overall bid to deliver £30m in annual cost savings by 2016.

Group chief executive, Simon Litherland said the figures — added to by strong sales in the early weeks of the company’s fourth financial quarter —“reinforce our confidence that we will deliver earnings before interest and tax for the full year at the upper end of our guidance range of £125m-£131m”.

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