Britvic to speed up rollout of Fruit Shoot in US
Updated: Wednesday, 23 Jan 2013 08:08
Drinks group Britvic has said its Irish revenues fell by 2.8% in its first fiscal quarter to January 23 on the back of a weaker take home soft drinks market.
But in an interim management statement today, the company said its own brands outperformed the weak market.
It said it grew its own brand revenues with average realised prices (ARP) up 7.76% against a volume decrease of 2.4%.
Britvic said its group revenues rose by 4.8% to £303.2m sterling.
UK revenues grew 5.4% with volume and ARP increasing by 2.1% and 3.2% in its fiscal first quarter.
The company noted that revenues in the stills division was impacted by the limited Fruit Shoot supply levels and declined by 0.7%. It said that the return of Fruit Shoot to market is in line with its plan with production levels now back to previous historical levels.
Britvic had to recall Fruit Shoot bottles in July over safety concerns about its cap. The company said the recall had cost it £16.9m.
Revenues at Britvic's French operations grew by 4.3% after last year's 12.6% growth, while international revenue jumped by 35.6%.
Britvic also said today that a deal has been reached with PAB (PepsiCo Americas Beverages) to speed up the distribution of Fruit Shoot to a total of 30 US states by this summer and with PepsiCo South West Europe for the distribution of Fruit Shoot in Spain.
''Our business units have delivered a much improved performance in the first quarter of the year, resulting in group revenue growth of 4.8%,'' commented Britvic's chief executive Paul Moody.
He described the company's performance in both France and Ireland as ''encouraging''.
''The second quarter has started more slowly, reflecting the continuing challenging economic and trading environment. However, overall we are confident that the business is well positioned to meet these challenges,'' he added.