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Britvic Posts Loss on $172 Million in Charges at Irish Business

Dec. 2 (Bloomberg) -- Britvic Plc, the maker of Robinson’s fruit drinks, reported its first full-year loss in at least 7 years, after taking 109.9 million pounds ($172 million) in write-downs and restructuring charges at its Irish unit.

Britvic posted a net loss of 48.2 million pounds in the 53 weeks ended Oct. 3, compared with a profit of 46.8 million pounds for the 52 weeks ended Sept. 27, 2009, the Chelmsford, England-based company said today in a Regulatory News Service statement. Revenue climbed 16 percent to 1.14 billion pounds, after the May acquisition of Britvic France.

Britvic said today it booked a one-time impairment charge of 104.2 million pounds on the value of Britvic Ireland’s intangible and property assets, in addition to a 5.7 million pound restructuring charge.

“We are taking further steps to restructure our business in Ireland,” Chief Executive Officer Paul Moody said in today’s statement. “Britvic has again demonstrated its ability to grow the business despite the difficult conditions in the wider economy.”

Britvic continued to gain market share in Britain and announced a full-year dividend of 16.7 pence per share, an increase of 11 percent.

To contact the reporter on this story: Finbarr Flynn in Dublin at fflynn3@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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