Britvic results reflect decline in Irish consumer spending

BRITVIC’S IRISH division continues to weigh on the UK-based company’s overall performance.

Figures for the 52 weeks ended October 2nd show that revenues in Ireland declined by 9.6 per cent to £162.8 million on a constant currency basis.

By contrast, revenues in its core British division rose by 2.5 per cent on a comparable basis, while France was 174 per cent ahead.

The French business, however, was acquired only in May 2010 so the comparison is skewed.

The continued declined in Irish consumer spending is well illustrated by Britvic’s latest accounts.

Its volumes here declined by 8 per cent in the period.

Commenting on the Irish business, Britvic group chief executive Paul Moody said: “We remain fully committed to the Irish business and firmly believe the strength of our portfolio will deliver growth when market recovery begins.”

Britvic, whose brands include Club and Ballygowan, recorded a 14.6 per cent increase in group revenue to £1.29 billion while its Ebitda (earnings before interest, tax, depreciation and amortization) was 4.3 per cent higher at £138.1 million on a constant currency basis.

These figures were in line with market expectations. The full-year dividend is up 6 per cent to 17.7 pence.

Britvic also announced yesterday that its product would be manufactured in the US for the first time, under an agreement with Pepsi Bottling Ventures.

It also detailed distribution deals in North and South Carolina, Kentucky, Florida and Georgia.

Britvic’s shares closed up in London by just under 1 per cent at £3.10.