Britvic hikes prices as inflation soars

The drinks maker behind Robinsons, Lipton ice tea and Fruit Shoot has warned of further pressure on consumer spending.

Britvic increased its prices this year to combat the impact of inflation but is confident it ‘will continue to navigate short-term uncertainties’.

In its half-year results for the six months to March 31, the J2O maker said revenues increased 18.5pc to £719.3m alongside a 48.7pc rise in profit after tax to £45.8m. It hiked its interim dividend by 20pc to 7.8p per share from 6.5p and plans a £75m share buyback scheme within 12 months.

The group said that ‘while soft drinks are not immune to changes in consumer spending, both the category and Britvic’s leading family favourite brands have historically shown themselves to be resilient’ to wider economic turmoil.

chief executive Simon Litherland said cost inflation and pressure on consumer spending is likely to last ‘at least into 2023’. he added: ‘I remain confident however that we will continue to successfully navigate the headwinds.’