Wednesday, September 28, 2022

Irish revenue up 23 percent at Ballygowan owner Brittwick

Irish revenue up 23 percent at Ballygowan owner Brittwick

Britwick, owner of Ballygowan and Miwari, saw Irish revenue rise 23 percent after pubs and restaurants reopened in the six months to the end of March.

Costs pushed up prices at the start of the year, with chief executive Simon Litherland warning of “continued cost inflation and pressure on consumer spending” in 2023.

Double-digit revenue growth continued across the group in April, Brittwick said.

Brittwick said in its interim results on Tuesday that both domestic business and revenue from hotels, cafes, bars and restaurants in Ireland posted double-digit growth in the six months to April.

The Irish business “delivered a significant improvement in operating margins,” Britwick said in a statement, with the launch of two energy drinks last year helped drive market growth.

Britwick – which owns Pepsi, Tango, 7UP, Lipton and Robinson brands in the UK – brought up prices in the first quarter to offset rising costs, it said.

British revenue grew 19.3 percent in the six months to the end of March, Britvik said, with Brazil’s revenue up 15 percent and France showing steady growth.

Overall group revenue was up 18.5pc to £719.3m over the six-month period, with profit after tax up 48.7pc to £45.8m.

This allowed the group to announce a £75m share buyback program over the next 12 months.

Brittwick also raised its interim dividend by 20 percent to 7.8 pence sterling, with adjusted earnings per share rising 27.8 percent to 19.4 pence.

Adjusted earnings before interest and tax (EBIT) increased 20.7pc to £73.5m, with adjusted EBIT margin up 20 basis points to 10.2pc.

Chief executive Simon Litherland said he was “pleased” with the performance of the first half, but added that costs are likely to rise further, while inflation could put pressure on consumer demand.

“We have accelerated revenue growth in our markets and have made good progress against our strategic priorities.

“We have successfully executed pricing and cost actions to reduce significant levels of inflation, while continuing to rebuild investments to support our near- and long-term growth ambitions.

“The current geopolitical uncertainty is likely to result in sustained cost inflation and pressure on consumer spending through at least 2023.

“While I believe we will continue to successfully navigate headwinds thanks to our portfolio of leading brands, strong customer relationships, smart revenue management capability and the resilience of our supply chain and our people.

“This will enable us to maintain our positive momentum, advance our key performance metrics and strategic priorities, and create value for all of our stakeholders.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -