Britvic up despite revenue squash

FTSE 250 drinks company Britvic (LON:BVIC) saw its share price climb by 4.23% to 751p (as of 15:00 BST) after post-tax profits for the six months ended 31st March improved by 11.5%. Revenues for the half year dropped by 9.1% and management said that product mix has worsened since the lockdown as consumption shifted away from on-the-go options.

CEO Simon Litherland commented: “The world is a very different place from the one it was a few months ago and I am proud and humbled by the resilience and dedication shown by the entire Britvic team. Our priorities throughout the Covid-19 pandemic have been clear: protect our employees, deliver for our customers, support our communities and maintain our financial strength.

“We entered the Covid-19 crisis with strong momentum, having delivered a robust first half performance, which continues our track record of consistent delivery since 2013. As a business and as a team, we have repeatedly demonstrated our agility as well as our ability to successfully navigate tough headwinds. While these times are clearly unparalleled, soft drinks has proven itself to be a resilient category time and time again. As consumers increasingly turn to trusted brands, we are confident that our long-term strategy will continue to create value for all our stakeholders“.