A week ago we suggested selling shares in soft drink group Britvic, arguing that despite a good start to 2011 - and some help from warm weather in its third quarter - the long-term outlook was murky.
As it turned out, the most recent quarter wasn't so good after all. The boost from Easter and the royal wedding was offset by the soggy June weather and an increase in promotional activity by competitors. Strip out the contribution from last year's Fruite acquisition and revenues fell 1.3 per cent, dragged down by continuing weakness in Ireland and a 4.2 per cent fall in UK still drinks revenues. Volumes were lower across the board, but the group said that price rises meant it would still hit full-year expectations. It also maintained its guidance for raw material inflation for the year of between 9 and 11 per cent.
When: 15 /07/11
Price: 378p
Performance to date: -6%
