(Adds forecast, background, shares)
Nov 30 British soft drinks firm Britvic
said its full-year adjusted core earnings rose 8.4 percent,
mainly as the company expanded its business in Brazil and on
better sales in the UK.
The company also said it was confident that its 2017 results
would be in line with market expectations, even as it faced
possible higher taxes from new regulations in the United Kingdom
and Ireland and uncertainty caused by the EU referendum results.
Shares of the company were up about 5 percent at 574.5 pence
at 0809 GMT on the London Stock Exchange.
Britvic has been one of the most outspoken challengers to
the UK's proposed taxation on high sugar content products and
has been actively reducing the sugar content in its offerings.
Adding to the company's woes was the sterling's fall after
the EU referendum results, which the company expected to put
pressure on its input costs in Britain.
Around one-third of the group's raw materials used in the UK
are purchased in euros and dollars.
The pound has lost 18 percent against the dollar and
15 percent against the euro since the June 23
Sales in Britain, which accounted for nearly two-thirds of
Britvic's total revenue in the third quarter, rose about 3
percent, helped by strong demand for Pepsi, Pepsi Max, 7UP and
Tango brands among its carbonates.
The Robinsons squash maker, whose main markets are Britain,
Ireland and France, said it earned pre-exceptional EBITA of
186.1 million pounds ($232.14 million) on revenue of 1.43
billion pounds for the year.
($1 = 0.8017 pounds)
(Reporting by Rahul B and Vidya L Nathan in Bengaluru; Editing
by Subhranshu Sahu and Sunil Nair)