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Britvic (BVIC) up 1.36% despite bottled drink sales slump
US stock markets were closed for Thanksgiving on Thursday, but there was movement in Europe, with soft drinks retailer Britvic (BVIC) rising on the London Stock Exchange even though its operating income slumped 22%.
Britvic, owner of brands including Tango and J20, has struggled with a drop-off in demand for its products in cinemas, bars and restaurants in 2020 due to coronavirus-related restrictions.
The British company said that earnings for the year to 30th September amounted to £165.8m, which is around £50m less than the figure from a year ago.
Overall revenue also fell 9% to £1.4bn during the same period.
While home consumption has risen during the last six months, it was not enough to make up for the notable decline in public places.
“We have started the new financial year with some form of restrictions on either trading and/or the movement of people in all our markets, and this will undoubtedly continue to affect performance,” Britvic said in a statement.
Hargreaves Lansdown analyst Susannah Streeter believes that Britvic’s close relationship with PepsiCo (PEP) should stand it in good stead moving forward.
A recent pledge to use 100% recyclable plastic bottles by 2022 is also likely to play well to customers who want brands to showcase their “sustainability credentials”.
However, she mirrored Britvic’s own outlook about the potential for depressed revenues during the winter amid a second wave of lockdowns and the possibility of further restrictions.
Britvic, a FTSE 250 company based in Hemel Hempstead, has seen its shares retreat 10.4% for the year-to-date, but there were signs of recovery on Thursday.
BVIC shares closed 1.36% higher at 821.50 GBX.
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