Pepsi bottler Britvic has reported a drop in half yearly profits as wet weather puts a dampener on sales growth.
Group EBITA dropped by 7% to £41.9m in the six months to 15 April. A combination of input price rises and a subdued 1.7% increase in sales to £641m accounted for the decline.
Britvic reported that volumes continued to shift from higher priced stills to carbonates during the period. It added that Britvic had gained market share in carbonates – providing some consolation for the difficult trading during the recent wet weather.
“Although the GB soft drinks market in April and early May has been adversely impacted by the poor weather, Britvic has continued to grow market share,” said Britvic CEO Paul Moody.
However, analysts were downbeat about the outlook for the full-year.
“Although price increases are expected to offset higher input costs through the second half of the year we believe that the combination of a weak consumer environment and tough trading environment are likely to limit any earnings growth in full-year 2012,” said Investec.