REVENUES AT the Irish arm of UK-based soft drinks group Britvic lost much of their fizz in the 12 months to the end of September due to the sharp decline in the economy here.
The quoted drinks company said yesterday that its Irish sales totalled €240 million in the year to the end of September, 6.4 per cent down on the previous year.
In sterling terms, revenues totalled £200 million and were 6.2 per cent ahead of the previous year, influenced by the euro's strength.
In volume terms, Britvic said its Irish business experienced a decline of 3.4 per cent.
"We see a continued tough trading environment in licensed premises, although the take home market has recently stabilised," the company said.
Britvic Ireland generated an operating profit, before exceptional costs, of €21 million in its first full year of ownership by the UK-based quoted drinks group. This was 10.5 per cent ahead of its performance in 2007.
Britvic acquired CC's soft drinks business in August 2007 and merged it with its existing portfolio of brands. Its stable of brands now includes Club soft drinks, Ballygowan water, Britvic and 7-Up.
Britvic is the number one player in the Irish licensed trade and number two in grocery.
Billy O'Regan, Britvic Ireland's managing director, described the current environment as "challenging" but said there are no plans to reduce its 950-strong workforce beyond plans announced after its acquisition of the CC brands.
Britvic will close its Cork factory in mid-December with the loss of 65 jobs. Activity from that plant will shift to Kylemore Road in Dublin, where €7.6 million has been invested in the facility.
Britvic said yesterday that the synergies involved in the acquisition of CC's soft drinks arm would be €21 million by 2011, 50 per cent higher than envisaged at the time of the deal.
Paul Moody, Britvic's group chief executive, told The Irish Timesthat he was happy with the performance of the Irish business and was satisfied that the €249 million it paid for the drinks company was money well spent.
