https://www.investegate.co.uk/britvic-p ... lc%20Alert
Group Financial Headlines:
· Revenue decreased 6.3%* to £617.1m (reported -11.7%)
· Adjusted EBIT decreased 15.4%* to £60.1m (reported -20.6%), statutory EBIT declined 16.7%
· Adjusted EBIT margin decreased 110bps* to 9.7% (reported -110bps)
· Profit after tax decreased 14.7% to £33.2m
· Adjusted earnings per share decreased 20.0%* to 15.2p, basic EPS declined 15.6% to 12.4p
· Disciplined cash management with adjusted net debt £94.3m lower year-on-year and adjusted net debt / EBITDA leverage ratio peaking at 2.8x
· Reinstating our interim dividend with a dividend of 6.5p
Highlights:
· Strong growth in At-Home channels, resulting in continued share gains in GB and Brazil
o Britvic GB At-Home channel RSV +6.2% vs soft drinks market +1.6%; led by family favourites Robinsons, Pepsi MAX, 7UP and Grocery online outpacing strong market growth
o Into the 4th consecutive year of revenue growth in Brazil
· Pandemic restrictions heavily impacted performance in hospitality sector and on-the-go consumption
· Significant progress against our strategic objectives including:
o Relaunch of Rockstar in H2 to accelerate growth in the energy category
o Acquisition of Plenish, a premium plant-based beverages brand in a fast-growing category
o Simplification of Ireland business with closure of Counterpoint wholesale
o Healthier People, Healthier Planet progress including supporting UK government Kickstart employment initiative and implementation of 100% rPET underway in GB
Current Trading & Outlook:
· Encouraging trading in the first weeks of H2 as lockdown measures begin to ease in the UK
· Investment to ramp up in H2 to capitalise on near-term market opportunities and drive long-term growth
· Going forward we anticipate positive mix impact as At-Home growth moderates, socialising increases and on-the-go consumption regains momentum
And the important bit ….
Dividends
The Board is declaring an interim dividend of 6.5p per share with a total value of £17.4m. The interim dividend for 2021 will be paid on 7 July 2021 to shareholders on record as at 28 May 2021. The ex-dividend date is 27 May 2021. There was no interim dividend paid in the prior year as the decision was deferred until the year-end in order to assess the impact of COVID-19 on the business
Cheers!
Ian