Britvic Records Income Slump As Virus Curbs Dent Demand
British drinks maker Britvic has recorded a near 22% slide in adjusted operating income for the year as coronavirus restrictions hurt demand at bars, restaurants, cinemas and other public places.
The company, the brands of which include Ballygowan, Tango, J2O, Fruit Shoot and Teisseire, has been grappling with a dramatic drop in demand in its out-of-home channels due to COVID-19 lockdowns, with an increase in at-home consumption failing to make up for that shortfall.
"We have started the new financial year with some form of restrictions on either trading and/or the movement of people in all our markets, and this will undoubtedly continue to affect performance," the company said.
EBIT And Shares
Britvic said that its adjusted earnings before interest and taxes (EBIT) fell to £165.8 million for the 12 months that ended on September 30 from £214.1 million a year earlier. .
The FTSE 250 company's shares, which have dropped 10.4% so far this year, were unchanged at Thursday November 26's market open.