Britvic confident of meeting FY expectations after 'robust' Q1
Drinks maker Britvic said on Friday that it was confident of meeting market expectations for the year after a "robust" first quarter.
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In an update for the first quarter to 31 December 2019, the company said revenue rose 4.9% from the same period a year earlier to £369.8m as it benefited from the inclusion of additional trading days following the previously-announced move to monthly accounting. On a comparable days and constant currency basis, revenue was up 2.6%.
Britvic said exclusive discussions with Refresco over the potential sale of assets in France are ongoing and remain subject to a consultation process, with the relevant employee representatives and competition clearance by the French Competition Authority. Subject to approval, the deal is expected to complete later this year.
The company also announced the signing of its first sustainability-linked revolving credit facility. The £400m refinanced facility, which has a maturity date of 2025, includes a number of annual KPIs linked to Britvic's sustainable business strategy. Achieving the targets will generate a reduction in the margin payable to the lenders, which Britvic will donate to agreed charities.
Chief executive officer Simon Litherland said: "I am pleased to report that we have delivered a robust start to the year. While we anticipate conditions will remain challenging, we are confident of achieving market expectations for the year, underpinned by the strength of our brand portfolio and exciting marketing and innovation plans."