Britvic says sales up 29 percent
Soft drinks maker Britvic said on Thursday total 52-week sales rose by 29 percent, matching expectations, and reiterated earnings for the period will be in line with expectations.
Rexam profits drop in 2007Britvic, the country's second-biggest soft drinks manufacturer, reported total sales of 926.5 million pounds, while sales in its GB & International division rose 4.8 percent to 725.8 million pounds.
The market consensus was for total revenue of 924 million pounds and pretax profit of 69 million pounds, according to a survey of eight analysts by Reuters Estimates.
The company, whose brands include Tango, Robinsons squash and R Whites lemonade, said sales at its Ireland business, which comprises the soft drinks business acquired from C&C Group last year, totalled 200.7 million pounds.
Britvic cautioned, however, the economic downturn in Ireland had resulted in "very difficult trading conditions," with the division reporting a low double-digit decline in the licensed on-premise market.
"We have delivered a strong performance despite the disappointing weather, rising raw material and energy costs and the challenging market conditions," said Chief Executive Paul Moody.
Shares in Britvic, which has underperformed the FTSE All Share Beverages Index by 33 percent since the start of the year, closed on Wednesday at 172 pence, valuing the company at 372 million pounds.
(Reporting by Victoria Bryan; Editing by David Cowell)
|
|
