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Britvic Releases Results For Year That Ended On September 30, 2021

By Dave Simpson

Ballygowan manufacturer Britvic has released its results for the year that ended on September 30, 2021.

Details

In a statement published on its website, Britvic said, "Emerging stronger, confident in future growth prospects

"For the year ended 30 September 2021

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"Group Financial Headlines:

  • "Revenue increased 6.6%* to £1,405.1m (reported -0.5%)
  • "Adjusted EBIT increased 10.0%* to £176.5m (reported +6.5%), statutory EBIT increased 23.3%
  • "Adjusted EBIT margin increased 40bps* to 12.6% (reported +90bps)
  • "Profit after tax increased 9.1% to £103.2m
  • "Adjusted earnings per share of 44.3p, up 2.5%, impacted by a one-off deferred tax charge of £11.2m
  • "Record free cash flow generation of £132.7m enabling a £31.9m reduction in adjusted net debt
  • "Full year dividend +12.0%, reflecting the board’s confidence in our prospects and strong balance sheet

"Highlights:

  • "Revenue growth in GB and Brazil, led by our portfolio of family favourite brands
  • "Continued growth in At-Home channels with Out-of-Home rebounding in the second half
  • "Margin rate progression while rebuilding investment in our people, brands, and infrastructure
  • "Continued progress against our strategic objectives including:
    • "Accessing new growth spaces – Plenish, Aqua Libra Co and Rockstar
    • "Simplifying our Irish business with the closure of Counterpoint
    • "Converting all GB immediate consumption packs to 100% rPET
  • "Strong cash generation with adjusted net debt/EBITDA leverage ratio back to 2019 level

"Current Trading & FY22 Outlook:

  • "Encouraging trading with volumes in first six weeks of the year ahead of FY21 and FY20
  • "Investing behind growth drivers to accelerate long-term revenue and profit trajectory
  • "Confident in making further progress with revenue, profit and margin growth in 2022 despite inflationary cost pressures
Year ended

30 September

2021

£m

Year ended

30 September

2020

£m

% change

actual exchange

rate (AER)

Underlying

% change

constant

exchange rate*

Revenue

Adjusted EBIT

Adjusted EBIT margin

Adjusting EBIT items**

Statutory EBIT

Statutory EBIT margin

Profit after tax

Basic EPS

Adjusted EPS

Full year dividend per share

Adjusted net debt/EBITDA

1,405.1

176.5

12.6%

(15.8)

160.7

11.4%

103.2

38.7p

44.3p

24.2p

2.1x

1,412.4

165.8

11.7%

(35.5)

130.3

9.2%

94.6

35.6p

43.2p

21.6p

2.4x

(0.5)%

6.5%

90bps

55.5%

23.3%

220bps

9.1%

8.7%

2.5%

12.0%

(0.3)x

6.6%

10.0%

40bps

 

 

 

 

 

 

 

 

"*Adjusted for constant currency, the French private label juice business that was disposed of in 2020 and the Ireland agency brands which ceased trading in March 2021.

"**Adjusting EBIT items of £15.8m and £0.1m included in net finance costs are detailed on page 11.

"Simon Litherland, Chief Executive Officer, commented, 'This year we have recovered strongly from the effects of the pandemic, with underlying revenue, margin, and profit all in growth. Our disciplined cash management enabled us to pay down debt and to increase our dividend by 12.0%, reflecting our confidence in the business.

"'We continue to invest in our brands, people, and infrastructure. Our portfolio of trusted family favourite brands has led the growth across our business units, and we continue to access new growth spaces through innovation, the acquisition of Plenish and the relaunch of Rockstar. We have simplified the business in Ireland with the closure of Counterpoint. Our Healthier People, Healthier Planet sustainability programme has also progressed well, with the rollout of recycled PET in GB, and carbon reduction initiatives across the business.

"'Looking ahead, as we execute our growth strategy, I am confident that we will continue to deliver consistent returns to shareholders. While there are multiple operational headwinds leading to increased inflation, we are confident we will mitigate them through a combination of our agile and resilient supply chain, revenue management and cost saving actions. In 2022 we anticipate making further progress with revenue, profit and margin ahead of 2021.'"

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
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