Britvic - Optimistic about recovery

As expected, Britvic witnessed strong growth during H1 in at-home channels and gained share in GB and Brazil, though restrictions continued to affect performance in the hospitality and on-the-go consumption segments. H1 revenue declined 6.3% on a like-for-like and constant currency basis, while adjusted EBIT was down 15.4% on this basis, and adjusted EPS was down 20%. The interim dividend has been reinstated at 6.5p. Management continued to focus on cash and cost efficiency to mitigate the impact of the pandemic as much as possible. Trading has been encouraging in the first weeks of H2 as lockdown measures have been eased in the UK. Planned investment will increase in H2 to capitalise on market opportunities and drive long-term growth. The mix is expected to improve as on-the-go consumption recovers and at-home growth moderates.