Britvic, supplier of Pepsi Max, Robinsons and R Whites, confirms today that trading in the first quarter was in line with expectations. Reported revenue increased 4.5% to £352.4m. Organic constant currency revenue, excluding soft drink levies, grew 1.5% to £337.3m.
Britvic’s growth record to date has been five-year EPS CAGR of 9.8% and DPS CAGR of 8.9% to September 2018. Later this year, the three-year Business Capability Programme is due to complete with the commissioning of new lines and a new warehouse at Rugby, bringing further benefits including higher capacity and flexibility. Currently the market is expecting pre-tax growth of 4.8% to £183.6m for the year to September, on revenue up 3.9%.
The shares at 876p are realistically rated at 11.1x EV/EBITDA for the current year.