Shares of soft drinks maker Britvic Plc (BVIC.L) climbed about 13 percent Wednesday morning, after the company posted a higher first-half profit and said it expects full-year EBIT towards the upper end of its earlier view.
The company said it is confident to deliver full-year EBIT towards the upper end of its previously announced range of 125 million pounds to 131 million pounds.
Simon Litherland, chief executive of the company said, "Britvic has delivered strong first-half profit growth, a material improvement in cash flow and a reduction in net debt. This has been achieved by growing our average realised price, a continued focus on cost and the substantial progress we have made in improving the underlying strength of our business."
Britvic stated that it intends to change its operating model to generate stronger performance in its core markets and accelerate international opportunities, underpinned by a reduction in the cost base of 30 million pounds per annum by 2016.
For the 28 weeks ended April 14, 2013, the company posted profit before tax of 32.8 million pounds, higher than 24.1 million pounds in the previous year. Before exceptional and other items, pre-tax profit was 37.5 million pounds, compared to 24.8 million pounds prior year.
On a per share basis, earnings climbed to 10.1 pence from 7.3 pence reported last year. Adjusted earnings were 12.2 pence in the recent first half, while the company posted 8.1 pence per share in the prior year.
Revenue decreased 0.3 percent to 639.2 million pounds from 641.1 million pounds prior year. At constant exchange rates, revenues improved 0.4 percent.
Cost of sales were 311.7 million pounds, lower than 324.9 million pounds a year earlier.
The board has recommended an interim dividend of 5.4 pence, up 1.9 percent from last year, to shareholders of record on May 31, 2013, payable on July 12.
Britvic also announced that it has reached agreement with the Narang Group for the national distribution of Fruit Shoot in India, commencing mid-2014.
BVIC.L is currently trading at 534 pence, up 61.8 pence or 13.09 percent, on a volume of 1.62 million shares.
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