Sector News

Britvic CFO John Gibney to retire; profit rise

May 29, 2015
Food & Drink
Britvic PLC’s Chief Financial Officer John Gibney will retire in April next year, the company said Wednesday as it announced half year profit rise and maintained its full year guidance.
 
The maker of soft drinks recorded pretax profit of 49.7 million pounds ($76.7 million) during the 28 weeks ended April 12, compared with GBP37.1 million a year earlier. Group’s revenue fell to GBP650.3 million from GBP670.7 million as volume and average revenue per liter sold or ARP were marginally down.
 
“We have made significant progress executing our strategy which will continue to create sustainable value for shareholders. Whilst we expect trading conditions to remain challenging, guidance for the current year is unchanged,” Chief Executive Officer Simon Litherland said.
 
Full year earnings before interest and tax or Ebit guidance remains unchanged at GBP164 million to GBP173 million, the company, which houses Robinsons, J(2)O, Fruit Shoot and Tango among its portfolio added.
 
Britvic increased interim dividend by 9.8% to 6.7 pence, to reflect earnings growth and confidence in future prospects, it added.
 
Britvic also said it has initiated a process to appoint Gibney’s successor and it is anticipated that there will be a period of overlap to ensure a smooth transition.
 
By Razak Musah Bab
 
Source: Wall Street Journal via MarketWatch

comments closed

Related News

June 24, 2022

Carlsberg announces resignation of CFO Heine Dalsgaard

Food & Drink

Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.

June 24, 2022

Kellogg to split into three companies, focus on snacks

Food & Drink

Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.

June 24, 2022

Mondelēz to buy energy bar company Clif Bar for $2.9bn

Food & Drink

The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.