Britvic sales lose their fizz

20th Oct 2011 07:42

A significant slowdown in sales at soft drinks group Britvic held back group revenue growth to 14.6% (constant currency) in the year ending 2 October, the group said in its pre-close statement.Full-year group sales rose from £1.139bn to £1.290bn, helped by the first 12-month contribution from France following the acquisition of Britvic France in the third quarter of last year.France - which only generated four months of revenue last year following the acquisition - saw revenues rise by 174.9% in the full year. However fourth quarter revenues in the region declined by 1.5%.Group revenue rose by just 0.3% in the fourth quarter, down from the 12.2% growth seen in the third quarter, held back by falling sales in Ireland and France (compared with the fourth quarter of last year).Sales in Ireland declined by 8.3% in the fourth quarter and were 9.6% lower for the full-year, attributable to challenging economic conditions and disappointing weather, the group said.However, sales growth in Great Britain (GB) was 2.5% in the last three months, significantly up from the 0.7% growth seen in the third quarter, surpassing broker Collins Stewart's predictions that fourth quarter growth would not surpass 1%. Nevertheless, both figures were well below the 4% increase seen in the first half."Our GB, French and International business units have delivered positive volume, price and revenue growth in the full year, despite the continued challenging economic backdrop and poor weather over the summer period.  Conditions in Ireland remain difficult," said chief executive Paul Moody.He assured that full-year results (which will be published on 30 November) will be in line with expectations.BC