Soft drinks business Britvic, which makes Robinsons squash and Tango, said it had seen a slow start to its new financial year due to challenging market conditions, but added that it would grow its profit in the year.
Simon Litherland, chief executive officer at Britvic, said: “We have seen a slow start to the year, reflecting the continued challenging market conditions. However, with our compelling marketing and innovation plans and our continued focus on disciplined cost management we are confident of increasing our profitability in 2016.”
Britivic, which also makes PepsiCo brands Pepsi Max and 7UP, said it expected full-year 2016 earnings before interest, taxes, and amortisation (EBITA) to be in the range of £180m to £190m.
The firm reported a 7.1 per cent rise in constant currency EBITA to £171.6m for the full year ended September 27. Revenue on a constant currency basis fell marginally to £1.30bn.
Mr Litherland said: “We have delivered another strong set of results, with margin growth and profit significantly ahead of last year, despite challenging market conditions. In all of our core markets, we continued to take volume and value share.”
Britvic, which has a bottling plant in Leeds employing around 150 people, will launch the Fruit Shoot multipack in the US in the first half of next year. The company also said it was planning a major investment programme in the UK.