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FTSE 250 soft drinks firm Britvic (LON:BVIC) saw its share price decline by 8.94% to 580.50p (as of 13:45 GMT) after it announced that the current pandemic would have a material impact on revenues and earnings. The company said that should the current environment persist, EBITDA would be reduced by £12-18 million per calendar month.
CEO Simon Litherland commented: “I have spoken many times about Britvic’s resilience in the face of tough external circumstances. Never has that been tested as much as is happening now. I am always proud of the way our people respond to a challenge and once again they are delivering beyond my expectations.
“Soft drinks has historically been a resilient category in any downturn. Britvic starts from a strong financial position and we are taking further action to protect our cashflow and profitability. Our brands’ consumer appeal is enduring in good times and bad, and we are confident in our ability to bounce back strongly as normality returns. The long-term investment case for Britvic remains intact.
“In the short term our priorities remain the welfare of our people, maintaining the availability of our products to consumers through our diverse customer base, and sound financial management of the business“.