SOFT drinks conglomerate Britvic yesterday upped its dividend by 20 per cent and vowed to buy back £75m worth of its own shares, after the firm posted "strong" results for the six months running up to 31 March 2022.

The Tango and J2O maker said that while soft drinks are not "immune to changes in consumer spending", the firm was confident it would be able to navigate headwinds as it said its own "family favourite brands" have shown themselves to be resilient previously.

The 177-year-old company said its pre-tax profits increased 48.7 per cent to £45.8m, while its revenues jumped 18.5 per cent to £719.3m.

The drinks seller noted that sales of its single serving, "immediate consumption" drinks had bounced back beyond pre-pandemic levels, as the firm said sales to bars and restaurants had continued to recover.

The Hemel Hempsteadheadquartered 7Up producer said its price increases at the start of the year had only partially offset inflation, as it warned "geopolitical uncertainty" was likely to hit consumer spending.

Britvic chief executive Simon Litherland said: "I remain confident however that we will continue to successfully navigate the headwinds, thanks to our portfolio of leading brands, strong customer relationships... and the resilience of our supply chain and our people."

Founded in Chelmsford in 1845, Britvic listed on the London Stock Exchange in 2005.

(c) 2022 City A.M., source Newspaper