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Britvic FY Profit Rises; Sees FY Pre-exceptional EBITA In Line With Market View

Soft drinks maker Britvic plc (BVIC.L) reported that its profit after tax for the 53 weeks ended 2 October 2016 increased 10.3% to 114.5 million pounds from 103.8 million pounds in the prior year. Earnings per share grew to 43.5 pence from 41.2 pence in the previous year.

Profit before tax was 151.9 million pounds, up from 137.6 million pounds in the prior year.

Adjusted basic earnings per share for the period was 49.3 pence, up 6.5% on the same period last year.

Simon Litherland, Chief Executive Officer said, "We are confident we will mitigate inflationary input costs through a combination of revenue management activities and internal cost saving initiatives. The new financial year has started well and although 2017 will be another challenging year, we expect to deliver pre-exceptional EBITA in line with current market expectations."

Pre-exceptional EBITA increased 8.4% to 186.1 million pounds, and pre-exceptional EBITA margin decreased 20bps due to the first-time inclusion of Brazil. Like-for-like pre-exceptional EBITA increased 3.8% to 178.8 million pounds with like-for-like pre-exceptional EBITA margin increasing 40bps. The summer weather was an improvement on 2015 in both GB and Ireland, whilst France lapped a particularly warm 2015. The better weather combined with strong execution meant like-for-like quarter four revenue increased 5.7% for the comparable 12-week period.

Revenue was 1.431 billion pounds, an increase of 10.1% compared to last year. Like-for-like performance saw revenue increase 0.4% to 1.322 billion pounds.

In the period, the company sold over 2.3 billion litres of soft drinks, an increase of 12.3% on the previous year, with Average Realised Price (ARP) of 59.2 pence, declining by 3.3%.

The board recommended a final dividend of 17.5p per share, an increase of 7.4% on the dividend declared last year, with a total value of £46.0m. The final dividend will be paid on 3 February 2017 to shareholders on record as at 9 December 2016. The ex-dividend date is 8 December 2016.

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