Ballygowan manufacturer Britvic plc has released its interim results for the six-month period that ended on 31 March 2022.
According to a statement published on Britvic.com, during the six-month period, company revenue increased by 18.5%, to £719.3 million (reported +16.6%), adjusted EBIT increased by 20.7%, to £73.5 million (reported +22.3%), statutory EBIT increased by 35.8%, the adjusted EBIT margin increased by 20bps, to 10.2% (reported +50bps), profit after tax increased by 48.7%, to £45.8 million, adjusted earnings per share went up by 19.4p, or 27.8%, the interim dividend went up by 7.8p, or 20.0%, and adjusted net debt/EBITDA was 2.2x, which was a reduction of 0.6x on H1 last year.
Statement By CEO
The statement published on Britvic.com included one from its CEO, Simon Litherland, wherein he said, “I am delighted with our first-half performance. We have accelerated revenue growth across our markets and made good progress against our strategic priorities. We have successfully executed pricing and cost actions to mitigate significant levels of inflation while continuing to rebuild investment, to support our near- and longer-term growth ambitions. We continue to generate strong cash flow and have increased the interim dividend by 20%. I am also pleased that today the board have announced our intention to commence an initial share buy-back programme of £75 million in the next 12 months, reflecting the strength of our balance sheet and confidence in our growth strategy.
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“The current geopolitical uncertainty is likely to result in continued cost inflation and pressure on consumer spending, at least into 2023. I remain confident, however, that we will continue to successfully navigate the headwinds, thanks to our portfolio of leading brands, strong customer relationships, smart revenue management capability, and the resilience of our supply chain and our people. This will enable us to maintain our positive momentum, progress our key performance metrics and strategic priorities, and continue to create value for all our stakeholders.”
© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.