Britvic (BVIC) H2 2024 earnings summary

Executive summary

• Achieved record-breaking financial performance in FY24, with 9.5% revenue growth to £1,899.0m and adjusted EBIT up 15.2% to £250.9m, driven by strong brand performance and expansion in Brazil and new growth brands.

• Outperformed the market with a portfolio of trusted brands, successful expansion in Brazil, and accelerated growth in new brands.

• Significant investment in marketing (A&P up 30.9%), capacity, and sustainability initiatives, including solar power and heat recovery systems.

• Delivered superior shareholder returns and advanced Healthier People, Healthier Planet goals.

• Proposed acquisition by Carlsberg expected to complete in Q1 2025, with a special dividend of 25p per share payable on completion.

Financial highlights

• Net revenue rose 9.5% year-over-year to £1,899.0m; volume up 3.1%.

• Adjusted EBIT increased 15.2% to £250.9m; margin up 60bps to 13.2%; adjusted EPS up 13.9% to 69.5p.

• Brand contribution margin in Brazil up 730bps to 30.5%; GB at 42.0% (+160bps); Ireland at 27.0% (+240bps).

• Debt leverage at 1.98x; free cash flow of £85.5m; ROIC improved to 19.4%.

• A&P investment up 30.9% to £87.2m; share buyback returned £43.1m to shareholders.

Outlook and guidance

• Confident in continued strong momentum and growth across all brand portfolios for 2025, with robust marketing campaigns and innovation pipeline.

• Ongoing investment in marketing, innovation, and capacity expansion to support future growth.

• Carlsberg acquisition expected to close in Q1 2025, pending regulatory approvals.