Britivic increases its 2014 full year dividend by 13.6%

DividendMax Ltd.

Britivic increases its 2014 full year dividend by 13.6%

Financial headlines:

Revenue growth of 2.4% to £1,344.4m, with volume growth of 1.5% and ARP growth of 1.0%

Group EBIT of £158.1m, up 17.6% on last year and ahead of previous guidance, driven by disciplined revenue growth and accelerated delivery of the strategic cost initiatives

150bps expansion in EBITA margin

Reduction in adjusted net debt to £380.9m, with EBITDA ratio falling from 2.2x to 1.9x

Underlying free cash flow of £88.9m, ahead of previous guidance

Adjusted EPS of 41.8p, up 18.8% on last year

Full year dividend of 20.9p, up 13.6% on last year, reflecting earnings growth and robust cash generation

Strategic highlights:

Strategic cost initiatives generated a higher in-year benefit than originally anticipated, delivering a cumulative £25m gross benefit in 2015

Increased investment during the year in the International business unit, strategic marketing and innovation

Further investment in capacity in 2015 to support future growth, including £25m capital spend in a new high speed PET line and warehousing

Fruit Shoot USA multipack launch anticipated in H2 2015

Anticipate 2015 EBIT in the range of £164m to £173m, underpinned by cost saving initiatives

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