Britvic shrugs off spending slump

Britvic suffered a 5.6% slide in revenues across the year in the Irish market, according to figures released today.

Sales in the UK helped the company post a 23% hike in overall annual profits however, as it bucked sales declines in the wider soft drinks market.

The group – which also makes Pepsi, 7Up and J20 – reported pre-tax profits of £86.5m (€96.22m) in the year to September 27 and said its brands grew market share across the board.

Britvic saw British sales volumes of its still and fizzy drinks rise by 3.6% and 7.9% respectively despite a consumer spending slowdown hitting the soft drinks industry.

Britvic – the UK’s second biggest fizzy drinks supplier behind Coca Cola - thanked a revival in consumer demand for carbonated drinks for an “excellent performance” of brands such as Tango. It makes 7Up and Pepsi under license.

Chief executive Paul Moody said conditions were also improving in the wider soft drinks market, while he gave an upbeat view on current trading.

He said: “Recent conditions in the Great Britain soft drink market have shown some signs of improvement, although visibility in both Great Britain and Ireland beyond the short term remains limited and we take a cautious view of consumer spending.

“However, we are encouraged by our strong group performance in the early weeks of the new financial year.”