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Strong Growth Despite Headwinds

Britvic plc reported strong double-digit revenue growth across all business units in FY22, reflecting brand resilience despite significant headwinds. Trading benefited from a full year with no COVID-19-related restrictions and hot weather during the summer. Performance was boosted by balanced growth in volume and price, as management mitigated the significant cost inflation in the year through price rises and efficiency initiatives. Britvic trades at a consensus FY23e P/E of 14.3x, a c 17% discount (£814.5p) to the UK beverages sector (excluding FeverTree) and a c 11% discount to AG Barr, reflecting its more geared balance sheet and the fact that some of its brands are part-owned by third parties.

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