Britvic has reported first quarter revenue of £369.8m, an increase of 4.9% on the prior year. The quarter 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 increased by 2.6% and Britvic said it remained confident of achieving market expectations for the year.
The exclusive discussions with Refresco over the potential sale of assets in France are on-going and remain subject to a consultation process with the relevant employee representatives and competition clearance by the French Competition Authority. Britvic said it was confident that, subject to approval, the transaction will complete later in 2020.
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 these sustainability targets will generate a reduction in the margin payable to the lenders, which Britvic will donate to agreed charities. This financing agreement further strengthens both the company’s funding platform and commitment to healthier people and a healthier planet.
Simon Litherland, chief executive officer, commented: “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.”