British soft drinks company Britvic said today the carbonated drinks market was still falling, sending its shares as much as 6.7 per cent lower.
Britvic said it was confident of delivering full year results in line with market expectations but added revenue had been affected by a late Easter holiday period this year.
Britvic said revenue in the 24 weeks to March 19th was down 3.4 per cent for branded products and down 7.3 per cent for carbonates from a year ago, while still drinks sales had risen 1.3 per cent.
The group - which sells Pepsi, Tango and Robinsons as well as its own brands - said in March full-year results were likely to be at the low end of market expectations as consumers opt for healthier, rather than carbonated, drinks.
Britvic generates around half of its revenues from carbonated drinks, but is focusing more on still drinks to help address the consumer trend towards healthier drinks.
Analyst forecasts for full-year profit after tax, but before exceptional items, range from £40.5 million to £45.7 million, a Britvic spokesman said in March.
Shares in Britvic, which made their debut at 230p when the firm floated in December, were down 4.5 per cent at 207-1/4 pence earlier this morning, valuing the group at around £445 million.