Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Britvic sales sink 16% on lockdown hit

07/22/2020 | 01:26am EDT

British soft drinks maker Britvic posted lower third-quarter revenue on Wednesday, as coronavirus-induced lockdowns closed thousands of bars, restaurants and other outlets where its drinks are sold.

Britvic, whose brands include Tango, J2O, Fruit Shoot and Teisseire, said its revenue fell 16.3% to 328.9 million pounds ($418.33 million) for the three months to June 30, adding that the quarter showed the full market impact of the lockdown.

"In the near term there remains a high degree of uncertainty about the pace and level of full recovery," Chief Executive Officer Simon Litherland said.

The world's largest soda maker, Coca-Cola Co, said on Tuesday demand for its beverages was improving after reporting a 28% slump in sales in the "most challenging" quarter of the year.

Britvic said it was too early to judge the impact of restaurants, pubs and cinemas gradually reopening, and maintained its forecast of an up to 18 million pounds a month hit to adjusted operating profit for the year due to the crisis.

Vimto-maker Nichols posted a 78.2% plunge in pretax profit to 2.9 million pounds for the six months ended June 30, and said lockdowns had a significant impact on the company.

Nichols said it was not in a position to provide financial forecast for the rest of 2020 and beyond. However, the company said it would reinstate its final dividend from 2019 as the interim dividend for 2020 due to its "strong cash performance".

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shounak Dasgupta and Vinay Dwivedi)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BRITVIC PLC 0.05% 944.5 Delayed Quote.16.32%
NICHOLS PLC -0.62% 1615 Delayed Quote.19.63%
Latest news "Companies"
05:01pBOEING  : Odds of settling US-EU trade rifts? Hope may outrun progress
05:00pTerns Pharmaceuticals to Host Conference Call to Discuss Top-line Results from Phase 2a LIFT Study of TERN-101 for Treatment of NASH
04:43pMICROSOFT  : Spotlight on Xbox Game Pass as Microsoft showcases upcoming games
04:39pCHORUS  : Cover letter - Issue of CIP securities
04:28pDEADLINE APPROACHING : Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline in Securities Fraud Class Action Lawsuit Filed Against Peloton Interactive, Inc.
04:27pMODERNA  : U.S. has administered 309.3 mln doses of COVID-19 vaccines, CDC says
04:15pUNIMOT : financial results for Q1 2021 at high level
04:11pMOLECULAR PARTNERS  : Announces First Patient Dosed in COVID-19 NIH-Sponsored ACTIV-3 Trial Evaluating Antiviral Candidate Ensovibep
04:05pMODERNA  : U.S. CDC Says Delivered 374,398,105 Doses Of Covid-19 Vaccine As Of June 13 Versus 374,397,205 Doses As Of June 12
04:00pFINNING INTERNATIONAL  : hosts investor day and provides growth outlook
Latest news "Companies"