soft drink manufacturer Britvic on Tuesday announced the launch of a £75million share buyback as it posted an increase in its interim profit and increased its dividend, citing growth across all segments.
In the six months to the end of March, after-tax profit rose 48.7% to £45.8m, with revenue up 18.5% to £719.3m. Adjusted profit before interest and tax rose 20.7% to £73.5m and the company increased its interim dividend by 20% to 7.8pa.
Britvic highlighted volume and price growth across all business units. It highlighted the growth of At-Home channels, while Out-of-Home channels have recovered ahead of Covid.
The group also said volumes in the immediate consumption segment were ahead of pre-Covid levels.
Managing Director Simon Litherland said: “I am delighted with our performance in the first half. We accelerated revenue growth in our markets and made good progress against our strategic priorities. to replenish investments to support our short- and long-term growth ambitions.
“The current geopolitical uncertainty will likely lead to continued cost inflation and pressure on consumer spending at least through 2023. I remain confident, however, that we will continue to successfully navigate headwinds, thanks to our portfolio of brands. leaders, our strong customer relationships, smart revenue management capability, and the resilience of our supply chain and people.”
Britvic also announced the launch of a £75 million share buyback program which will be completed over the next 12 months.