Drinks maker Britvic reported better-than-expected first-quarter revenues on Thursday, driven by growth in the GB segment.
Total revenue rose 16.5% to £373.9m on a constant currency basis versus the prior year, and was and 12.8% higher on a two-year basis. Analysts had been expecting revenues of £358m.
Britvic said growth was led by the GB division, which saw revenue rise 17.1%, with the At-Home channel continuing to grow and Out-of-Home recovering in line with expectations in October and November.
Out-of-Home trading in December was hit by changes in consumer behaviour and a downturn in socialising in GB and Ireland due to the Omicron variant. However, following the announcement last week of the easing of restrictions across the UK and Ireland, the Out-of-Home channel is expected to continue its recovery back towards 2019 levels.
In Brazil and other international markets, revenues were up 8.7% and 17.9%, respectively.
Chief executive Simon Litherland said: “We have continued to see strong demand for our portfolio of trusted family favourite brands across all channels and markets, helping us deliver strong year-on-year revenue growth of 16.5% in the first quarter.
“We remain confident in our growth strategy, backed not only by our market-leading brands and our highly engaged employees, but also by our proven track record of successfully navigating headwinds.
“While we continue to experience inflationary pressures, our focus remains on minimising the impact on our business and I am confident we will continue to make progress this year and deliver strong returns for our shareholders.”
