May 23, 2018
Britvic profits dented by factory closure costs
He spoke as Britvic reported a 17 per cent fall in interim pre-tax profits in the six months to April 15, compared with the same period last year, partly due to costs related to the closure of its Norwich factory. Pepsi Max's strong growth drove a 9 per cent increase in sales of UK carbonates - which accounts for 40 per cent of total sales. Total revenues of £733m were 4.5 per cent higher - or 2.8 per cent at constant exchange rates. Pre-tax profits of £41.8m were 17 per cent lower than the same period last year, due to restructuring, including the Norwich factory closure and a charge associated with the group's three-year cost-cutting programme. Its business capability programme was on track to deliver a minimum return of 15 per cent earnings before interest, tax, depreciation and amortisation from 2020, Britvic said.
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