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Britvic PLC on Wednesday lifted its annual payout amid revenue growth, shaking off fourth-quarter volume pressure caused by bad weather in Europe and the UK. The Hemel Hempstead, England-based drinks company, behind brands such as Robinsons squash and R White’s lemonade, said it is confident of ‘excellent progress next year and beyond’. In the financial year that ended September 30, revenue rose 8.1% on-year to £1.75 billion from £1.62 billion. Pretax profit, however, was 10% lower at £156.8 million from £175.1 million. Selling and distribution expenses were 1.6% higher at £271.1 million. Administration expenses rose 19% to £246.9 million. Its fourth-quarter outcome was hurt by poor weather, it added. ‘Heading into the key summer trading period we faced a tough comparable due to the exceptional weather in Europe in 2022 and while the conditions in June were very good, the weather in July and August was wet and windy this year. Despite this, demand for our brands has remained solid, with only a modest volume decline in the full year,’ Britvic explained. Britvic lifted its final dividend by 6.6% to 22.6 pence per share from 21.2p. Its total payout for the year was 6.2% higher at 30.8p from 29.0p. Chief Executive Officer Simon Litherland said: ‘With our fantastic portfolio and talented, engaged team, I am confident Britvic will continue to make excellent progress next year and beyond, delivering growth and creating value for all our stakeholders.’ Britvic shares were down 0.5% at 837.00 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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