britvic reported stronger-than-expected results with first-half profit up 17% to £100.4m on revenue of £880m, and announced a £75m share buyback.
Britvic (LSE:BVIC), the soft drinks company, got a boost of more than 10% after announcing stronger-than-expected financial results and a new £75 million share buyback program.
The company behind the Robinsons, Tango, and J2O brands reported a 17% improvement in first-half profit to £100.4 million, on £880 million of revenue which was up 11% compared to the same period last year.
A ‘delighted’ Simon Litherland, Britvic chief executive, described it as an excellent performance.
“As expected, our market-leading growth comes from the combination of another strong performance from our scale family favourite brands, coupled with accelerated growth in Brazil and across multiple new growth spaces,” he said in a statement.
“We have increased the investment behind our brands by over 38% in the period.”
“I firmly believe the continued execution of our strategy and growth drivers will allow us to sustainably outperform both the market and our historical top-line growth rate.”
In London, Britvic shares were up 100.5p or 10.95% changing hands at 1,018p at Wednesday’s close.
