Britvic See Revenue Rise And Plan Expansion
Published on Nov 26 2013 12:40 PM in General Industry
Soft drinks group Britvic have enjoyed a 19% rise in full-year profit and plan to expaned its Fruit Shoot brand in the United States in 2014.
The group, which also makes drinks such as Robinsons squash and Tango, as well PepsiCo brands Pepsi and 7UP in Britain and Ireland, said on Tuesday it had signed a 15-year deal with PepsiCo Americas Beverages to expand Fruit Shoot.
"We have made good progress on the strategic initiatives that we communicated back in May and remain on-track to deliver £30 million per annum of cost savings from 2016. Today's announcement of a new agreement with PepsiCo Americas Beverages for significant additional expansion in the USA is further evidence of the growth opportunities that exist for our brands internationally." said Chief executive Simon Litherland.
Britvic said trading in the new fiscal year had started ahead of its first quarter a year ago, helping its shares rise 4.5%.
Having rejected an improved proposal from Irn-Bru maker A.G. Barr for an all-share merger in July, Britvic has embarked on a cost cutting drive designed to bolster growth in the UK and Ireland, and is growing its business overseas.
Britvic has expanded in Europe with the launch of Fruit Shoot in Spain, planning to move into India in mid-2014 and is also in early talks with potential partners about new markets.