Britvic reports fiscal H1 earnings of US$39M, down 10.6% from year-ago period amid weaker sales, average realized price in Ireland; revenue up 1.7% to US$1B

Nevin Barich

HERTS, England , May 24, 2012 (press release) – Britvic plc announces its interim results for the 28 weeks ended 15 April 2012(1),(2)

Group Financial Headlines:

* Group revenue up 1.7% to £641.1m
* Group EBITA down 6.9% to £41.9m, EBITA margin down 60bps due to impact of 2011 higher raw material costs before the implementation of 2012 price increase
* Fixed costs down 3.3% (actual exchange rate)
* Underlying free cash flow improved by 26.6%
* Group adjusted net debt down by £21.6m to £534.4m
* Interim dividend per share up by 3.9% to 5.3p

Group Business Highlights:

* GB revenue growth of 2.4%, led by carbonates +6.7% gaining further market share
* Britvic France revenue up 6.4%, led by strong price growth of 11.5%(7)
* International delivered double-digit revenue growth, driven by US Fruit Shoot and expansion into new states, including Texas, increasing number of US states to 8
* Britvic Ireland, further decisive action taken on costs to mitigate declining top line

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