Britvic PLC

Latest Results (08.01.2026):

Britvic PLC — results for the year ended 30 September 2024 (covering the quarter ending 30 September 2024 / FY2024). The Group delivered its strongest-ever headline performance: revenue £1,899.0m, adjusted EBIT £250.9m (adjusted EBIT margin 13.2%), profit after tax £125.8m and adjusted EPS 69.5p, with revenue +9.5% at constant currency (+8.6% reported). The Board paid an interim dividend of 9.5p and, in the context of the agreed acquisition by Carlsberg, expects to pay a special dividend of 25p per share; the recommended cash offer values Britvic at 1,315p per share (1,290p cash + 25p special dividend) and is subject to regulatory approval.

Headline financials

Revenue £1,899.0m; adjusted EBIT £250.9m (15.2% ahead year‑on‑year on a constant currency basis); adjusted EBIT margin 13.2% (up c.60bps); profit after tax £125.8m; adjusted EPS 69.5p; free cash flow £85.5m (down vs. prior year largely due to working capital timing and supplier payment run timing).

Volume, price/mix and drivers

Underlying volume growth +3.1%; Average Realised Price +6.2%. Overall underlying revenue +9.5% constant currency, driven by a mix of volume growth and positive price/pack mix.

Regional and brand performance

Great Britain: family-favourite portfolio growing (portfolio +5.5%) with strong execution on Pepsi, Robinsons and Fruit Shoot. Brazil: very strong performance — revenue +35.3%, supported by Extra Power and other acquisitions and local brand expansion. France and other international markets mixed, with some softness in volumes but margin improvements from mix.

Growth brands and innovation

New growth brands delivered high growth: Plenish +101.6% (plant m*lk, shots and cold-pressed juices), Aqua Libra, Jimmy’s Iced Coffee and London Essence all scaled, and SKU and format innovation continued (e.g., larger BottleCan, multipacks, new flavours and Plenish shots).

M&A and capital allocation

Completed acquisitions during the year include Extra Power, Flying Horse, Juxx and Amazoo; integration and synergies are being realised. Cash deployment included capex for capacity (new can line, Ballygowan/Hint of Fruit capacity, Lutterworth DC upgrade) and the share buyback programme was suspended following the Carlsberg transaction announcement.

Proposed acquisition by Carlsberg

On 8 July 2024 Britvic’s board agreed recommended terms with Carlsberg A/S: 1,315p per share (1,290p cash + 25p special dividend). Shareholders approved the deal in August 2024; the transaction is subject to competition reviews (CMA / EU) and, if cleared, is expected to complete in Q1 2025.

Cash, dividend and shareholder returns

Free cash flow of £85.5m was lower than prior year due to working capital timing; interim dividend 9.5p paid. No final dividend proposed because of the proposed acquisition; a special dividend of 25p is expected to be paid in connection with the transaction, implying a total shareholder distribution of 34.5p for 2024 if completed as proposed.

Sustainability and operational highlights

Healthier People / Healthier Planet progress continued: average 20–21 calories per 250ml serve (industry-leading low- calorie position), rPET exit rate 29% (exit), Group carbon reduction on track (c.35% reduction vs baseline), 75% of GB grid electricity for production secured via a solar PPA, Alliance for Water Stewardship certification in Brazil and ongoing water-efficiency gains.

Outlook and near-term context

Management highlights a continued focus on growing family favourites and premium brands, scaling new growth spaces and extracting synergies from acquisitions. Near-term uncertainty remains tied to the timing and outcome of regulatory review of the Carlsberg offer; operationally Britvic emphasises continued investment in brands, capacity and sustainability while managing cash and returns.