Strong start for Britvic’s Irish business as revenue rises

Drinks group Britvic said its Irish business had shown a strong start to the year, mirroring the success of the wider Britvic group in the first half of the year.

The Ballygowan and Miwadi owner said there had been growth across its Irish portfolio, with revenue rising to £74 million (€85 million), up from £63.7 million a year earlier.

The company has also successfully launched new products in the flavoured water category. Ballygowan’s Hint of Fruit product has reached an 18 per cent share of the flavoured water category a year after its launch, with nearly €6 million of retail sales value.

The brand is also moving towards more sustainable production with an agreement for Ballygowan production to be 100 per cent wind powered, through a new power purchase agreement with Flogas Enterprise.

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Revenue at the wider Britvic group rose almost 8 per cent to £794 million, with adjusted earnings increasing to £85.3 million. Operating profit was up 25 per cent, while profit after tax increased 21.2 per cent to £54.4 million.

Consumer demand remained strong, Britvic said, with volumes showing growth in the second quarter.

“We have delivered an excellent start to the year, making great progress on our people, planet and performance measures. Our continued focus on lower-calorie, healthier drinks has resulted in some standout performances, including Pepsi Max and Tango in Great Britain as well as Ballygowan Hint of Fruit in Ireland,” said chief executive Simon Litherland. “We have successfully mitigated the impact of the challenging inflationary environment, while continuing to offer consumers great quality and value at affordable prices.”

Britvic said it planned a further share buyback programme of up to £75 million over the next 12 months.

Looking ahead, Mr Litherland said the company was confident it would continue to make further strong progress.