The past year has been one of huge organisational change for Britvic (BVIC). The UK's second largest soft drinks maker put together a new executive team, closed two UK factories and a depot and call centre in Ireland, and launched an international business unit to support overseas growth. The company also remains on track to deliver £30m in cost savings by 2016, the overwhelming majority of which will be found in the current financial year.
Amid this restructuring - and against a challenging trading environment - the group managed to increase sales, volumes and margins last year. That boosted adjusted operating profit by 18 per cent to £158m. The UK carbonates business performed well, increasing volumes by 4 per cent and sales by 6 per cent to £568m. Still drinks had a more challenging period. Chief executive Simon Litherland said growth in the division was "crucial" to the group's success and remained a priority. International sales grew 16 per cent to £58m, thanks to good progress with fruit shoot in the US and the fruit shoot launch in India.
Citi Research expects pre-tax profit of £147m and EPS of 46p this financial year, up from £133m and 42p.
BRITVIC (BVIC) | ||||
---|---|---|---|---|
ORD PRICE: | 680p | MARKET VALUE: | £1.7bn | |
TOUCH: | 679-681p | 12-MONTH HIGH: | 784p | LOW: 601p |
DIVIDEND YIELD: | 3.1% | PE RATIO: | 19 | |
NET ASSET VALUE: | 34p* | NET DEBT: | £419m |
Year to 28 Sep | Turnover (£bn) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
---|---|---|---|---|
2010 | 1.14 | -28.8 | -21.4 | 16.7 |
2011 | 1.29 | 79.9 | 24.3 | 17.7 |
2012 | 1.26 | 77.5 | 23.8 | 17.7 |
2013 | 1.32 | 82.6 | 25.5 | 18.4 |
2014 | 1.34 | 120.1 | 36.5 | 20.9 |
% change | +2 | +45 | +43 | +14 |
Ex-div:04 Dec Payment:06 Feb *Includes intangible assets of £300m or 121p a share |