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17 May, 2022 - 20:29 By Tony Quested

Britvic hoists dividend 20 per cent as post-tax profits soar

Soft drinks supplier Britvic increased revenue and profits hugely in the six months to March 31 and has initiated a £75 million share buyback programme.

The Hemel-based business saw revenue rise 18.5 per cent to £719.3m and profit after tax was a whopping 48.7 per cent ahead to £45.8m. The board hoisted the interim dividend 20 per cent to 7.8p a share.

Britvic CEO Simon Litherland praised a rock solid strategy for the strong performance. He said: “We have accelerated revenue growth across our markets and made good progress against our strategic priorities.

“We have successfully executed pricing and cost actions to mitigate significant levels of inflation, while continuing to rebuild investment to support our near and longer-term growth ambitions. 

“We continue to generate strong cash flow and have increased the interim dividend by 20 per cent. I am also pleased that today the board have announced our intention to commence an initial share buyback programme of £75m in the next 12 months, reflecting the strength of our balance sheet and confidence in our growth strategy.

“The current geo-political uncertainty is likely to result in continued cost inflation and pressure on consumer spending at least into 2023.  I remain confident however that we will continue to successfully navigate the headwinds, thanks to our portfolio of leading brands, strong customer relationships, smart revenue management capability and the resilience of our supply chain and our people. 

“This will enable us to maintain our positive momentum, progress our key performance metrics and strategic priorities, and continue to create value for all our stakeholders.”

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