Soft drinks company Britvic has reported what it calls an 'outstanding performance' in its latest financial results for the year ending 30 September 2024.
The major brand reported £1.9 billion in revenue for the financial year, marking a 9.5% increase from £1.7 billion in 2023.
Similarly, profit after tax increased by 1.8%, reaching £125.8 million, up from £124 million last year.
Britvic attributed the growth to both price/mix and volume, noting strong demand for brands like Pepsi, Tango, Lipton, MiWadi, and Ballygowan. These brands saw a collective revenue increase of 5.5%.
The company has also successfully expanded its presence in fast-growing categories with plant-based milk and shots brand Plenish, Jimmy’s Iced Coffee, Aqua Libra water, and London Essence soda.
Plenish's revenue saw a remarkable surge of 101.6% compared to last year, while London Essence's British revenue increased by 37.6%. The brand also secured over 50 new hospitality contracts, including partnerships with Center Parcs, Barons Pub Company, and The Belfry.
Britvic acquired Jimmy’s Iced Coffee last summer to tap into the rapidly growing cold and hot drinks category. During the year, the company introduced a 380ml BottleCan and a multipack format to complement the existing range. It also expanded listings across channels such as hospitality and wholesale, contributing to a 15.0% growth in brand value over the past 26 weeks.
The company’s overall performance in Britain was strong in its latest financial year, with the retail channel driving volume growth, while the hospitality sector showed weaker results.
In August, Britvic invested £25 million to upgrade its national distribution centre in Lutterworth, Leicestershire. The facility now features 17 new automatic cranes, 18 dispatch lanes, and 20 automated cars, increasing its capacity to move 600 pallets per hour.
Simon Litherland, chief executive of Britvic, said: “We have delivered another excellent financial performance this year, with strong growth across our markets and portfolio of market-leading brands. We have also continued to ensure the business is fit for the future, adding more capacity, investing in our people and significantly increasing investment in marketing and innovation.”
Britvic is currently undergoing a £3.3 billion merger with Danish brewer Carlsberg. Litherland added: “Subject to approval from the regulatory authorities, we anticipate that the acquisition by Carlsberg will complete in the first quarter of 2025. I am confident that the prospects for our brands and people are extremely positive, and I look forward to them going from strength to strength.”
The Competition and Markets Authority is conducting an inquiry into the transaction to determine whether the merged entity could lead to a 'substantial lessening of competition' in UK markets.
The Competition and Markets Authority will announce by 18 December whether it will refer the merger for a phase two investigation.