Highlights
● Total turnover increased by 5.4% to £135.7m (2013: £128.7m)
● Profit on ordinary activities before tax and exceptional items increased by 14.6% to £19.0m (2013: £16.6m). Underlying profit before tax and exceptional items, allowing for £0.6m of non-recurring income recognised in the period related to the early exit of contractual arrangements with Orangina, was £18.4m an increase of 11.0%
● *Underlying earnings per share increased by 13.1% to 12.8p (2013: 11.3p)
● A strong financial position
○ ROCE at 23.1% on a rolling 12 month basis
○ Underlying free cash flow of £11.2m reflecting strong summer trading
● Net debt of £3.7m; annualised net debt/EBITDA ratio is below 0.2 times
● Balanced growth profile across all core brands with positive impact from both innovation and marketing activities
● Interim dividend of 3.11p per share (2013: 2.825p), an increase of 10.1% on the prior year
Commenting on the results, Roger White, Chief Executive said:
"We have delivered strong, balanced growth across our core brands in the year to date, with volume growth well ahead of the total market. We have traded well across all channels and have benefited from the excellent execution of our Commonwealth Games sales and marketing plans.
Market conditions across the soft drinks category and general consumer environment are challenging, however we plan to maintain our increased levels of investment in our brands, people and assets across the rest of the year and we remain confident in the long term potential of the business."
