Britvic profits up nearly 50% to £59m

SOFT drinks giant Britvic has seen half-year profits jump nearly 50% as it increased prices to offset inflation, but the company cautioned over falling consumer spending amid the cost-of-living crisis.

The Robinsons squash and J2O maker reported pre-tax profits of £59.3 million for the six months to March 31, up from £39.8 m a year earlier.

Revenues jumped 18.5% to £719.3 m and the group said drinks bought for “immediate consumption” had now bounced back ahead of pre-pandemic levels, while trade overall across bars and restaurants recovered further.

The group said it increased prices at the start of the year amid efforts to offset soaring costs, but added that inflation was only partially mitigated in the first half.

Simon Litherland, chief executive of Britvic, said: “The current geopolitical 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.”

The group is launching a £75 m share buyback programme and upping its dividend by 20% from 6.5p per share to 7.8p per share.