BRITVIC PLC

BVIC
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Britvic : Robinsons owner Britvic reinstates dividend after resilient six months

05/18/2021 | 05:00am

Britvic’s revenue and profit slipped in the six months to 31 March, however the soft drinks retailer has decided to reinstate its dividend after a resilient performance despite Covid restrictions.

Revenue at the company fell to £617.1m from £698.8m during the same period last year, and profit after tax slipped to £33.2m from £38.9m.

Read more: J20 and Tango owner Britvic suffers slump in sales due to hospitality restrictions

Nevertheless, the soft drinks company decided to reinstate an interim dividend of 6.5p per share to be paid on 7 July.

CEO Simon Litherland described the group’s performance as “robust” despite the impact of Covid-19.

“We have continued to win in the channels open to us and have gained share in our key growth markets of GB and Brazil. Our cash management has been particularly strong, and I am pleased to reinstate our interim dividend,” he said.

“We have also made good progress on our strategic opportunities, such as simplifying our Irish business, entering the mainstream energy category in GB and Ireland by relaunching Rockstar with PepsiCo, and acquiring Plenish, a leading natural premium brand in the fast growing plant based drinks category.”

By mid-morning the retailer’s share price had risen nearly 2.9 per cent following the publication of the results.

Read more: 36m Brits have received first vaccine dose as UK records just five Covid deaths

Britvic’s said pandemic restrictions had heavily impacted its performance in hospitality and on-the-go consumption.

However its at-home market had grown in the six months, up 6.2 per cent led by favourites Robinsons, Pepsi Max and 7UP.